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October 16, 2020

Countrywide operation launched against tax evasion

National

October 16, 2020

ISLAMABAD: The Federal Board of Revenue (FBR) has launched a countrywide operation against tax evasion.

The FBR’s Directorate of Intelligence & Investigation (Inland Revenue), Hyderabad, received information that a business entity, involved in manufacturing of pulp, paper and paper board, has claimed huge electricity expenditures amounting to Rs74,961,695 for the tax year 2019 and has declared the total sales for the said tax year at Rs176, 944,121 only, which does not commensurate with the claim of consumption of electricity during the said year.

A team of the FBR’s directorate, duly authorised, visited the premises of the business concern in SITE, Kotri, and examined the records and data available on the premises.

In the initial scrutiny of the records, it transpired that the taxpayer concern has suppressed sales of finished goods of Rs500 million approximately. A probe has been initiated after taking into possession the necessary records.

Similarly, the Directorate of Intelligence and Investigation, Multan, raided a manufacturing unit with the name Naqshband Foods. The manufacturing unit was not registered with the sales tax. After scrutiny of the record, tax evasion of Rs30 million has been detected.

The Enforcement Squad of the Directorate of Intelligence & Investigation (Inland Revenue), Hyderabad, visited the premises of a cigarette distributor in Kunri, a city of District Umerkot. During the search, the team found a large quantity of cartons of cigarettes of different brands stored in the godown of the said premises for illegal sale.

The team found no genuine records regarding the payment of applicable duties and taxes in respect of cigarettes lying in the godown.

In the absence of such documentary evidence, the stock of 353 cartons of cigarettes involving revenue of Rs7 million approximately has been taken into custody.