KARACHI: The country’s corporate sector has been found involved in at least Rs100 billion of tax evasion and avoidance during the last four months, reported The News.
Large Taxpayers Unit (LTU) Karachi, the biggest revenue collecting arm of the Federal Board of Revenue (FBR), unearthed Rs100 billion worth of tax fraud in July to October period of the current fiscal year, the officials told a news conference.
In the ongoing audit and examination, the unit detected Rs100 billion as tax avoidance/evasion by around 12 companies, senior officials of LTU Karachi quoted in the publication said. They however did not reveal names of tax evading companies.
Inland Revenue commissioners Zulfiqar Memon and Girdhari Mal were sharing information about the performance of the unit as part of instructions of the FBR Chairman Shabbar Zaidi.
According to the report, Mal said alone one case involved the tax concealment of Rs23 billion. Notices have been issued to the companies for recovery of evaded amount, he said.
The LTU Karachi released Rs21 billion as sales tax refund during the period under review after the change of sales tax regime effective from July 1, 2019.
Memon said 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/identified cases from banks, he added.