KARACHI: Over the last four months, the country’s corporate sector has been found to be involved in tax evasion and avoidance of at least Rs 100 billion. It was reported by The News.
The Lease Taxpayers Unit (LTU), the largest Board of Revenue (FBR) tax collector, is disclosing tax fraud worth Rs 100 billion from July to October this fiscal. ۔
Senior LTU Karachi officials quoted the publication as saying that in the ongoing audit and examination, around 12 companies were found to have avoided / evaded tax evasion by about 12 companies. However, they did not disclose the names of the tax evasion companies.
Under the direction of FBR chairman Shabbir Zaidi, the Inland Revenue Commissioners were sharing information about the performance of Zulfiqar Memon and the Gadhari mill unit.
According to the report, Mill said he was involved in hiding the tax of Rs 23 billion in only one case. He said that notices have been issued to the companies to recover the banned money.
LTU Karachi issued Rs 21 billion as sales tax refund during this period during the review period after the change in the sales tax system implemented from July 1, 2019.
Memon said the law was introduced in 2013 to distribute information to the tax authorities from the banks. However, the courts have withheld the law. He further said that the FBR is unable to obtain information from banks except for specific / identified cases.