Source: Library Photo
Source: Library Photo

Pakistani corporate involved in billions of tax evasion, local News paper reported.

Large Taxpayers Unit (LTU) Karachi, the Federal Board of Revenue (FBR), excavated Rs100 billion worth of tax fraud in July to October.

In the current inspection and examination, the unit detected Rs100 billion as tax evasion by around 12 companies, however they did not reveal names of tax evading companies.

DomestDomestic Revenue commissioners Zulfiqar Memon and Girdhari Mal shared information about the performance of unit of FBR Chairman Shabbar Zaidi.

According to the report, Mal said alone one case involved the tax concealment of Rs23 billion.

Tax officials further said LTU Karachi identified around 100,000 individuals, have commercial gas connections but don’t have mandatory sales-tax registration.  

The officials said the Large Taxpayers Unit gathered information from Sui Southern Gas Company and other tax offices and cross-verified them with the list of sales tax registered individuals.

Pakistani corporate involved in billions of tax evasion?

The FBR has issued the Notices to the companies for recovery of evaded amount, he said.

LTU KHI released Rs21 billion as sales tax refund during the period after the change of sales tax regime.

According to Memon, the law of information sharing from banks to tax authorities was introduced in 2013 However, the law has been stayed by the courts.

The FBR is unable to receive information with exception of specific cases from banks, he added.

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