Sales tax evasion through fraudulent flying invoices, irrelevant invoices, is estimated to reach around Rs 5-6 trillion.
According to a report published by BR, while fake invoice usage has diminished due to enhanced system checks, “flying invoices” form of tax fraud has seen an uptick largely due to simplified sales tax registration process. It is estimated that Rs 5-6 trillion in sales tax revenue has been evaded through the illicit use of flying invoices.
Instances of “flying invoices” vary in nature. Some cases involve legitimate input registrations combined with unregistered outputs within the supply chain, while others entail registered outputs paired with unregistered inputs.
In an attempt to manipulate the system, fraudulent entities have registered with the Federal Board of Revenue (FBR) to engage in paper transactions. These perpetrators file counterfeit sales tax returns on behalf of fictitious companies, claiming illegal input tax against bogus invoices. This widespread use of flying invoices has resulted in substantial revenue losses for the national treasury.
To combat this issue, investigating agencies have been apprehending inter-province gangs involved in these fraudulent practices, ultimately aiming to curb significant revenue losses incurred by the national exchequer.
Well this is the only way..nice
At the beginning of the year, I was investing with a Bitcoin trading forum and it was all rosy until a couple of weeks earlier, an old friend narrated how she had lost hundreds of thousands of pounds through the same scheme when I wanted to share the good news to her of how successful I will be when I withdraw my investment and profits. I became shattered and that’s how I became a victim of Bitcoin trading fraud, I sought advice from my friend, and she introduced me to Cyber Genie Pro. I was told that they were an organized group of individuals helping individuals get back their money obtained through fraud. It all started when I stumbled upon a fake positive review of a crypto trading platform on Yelp. Anyway, I was able to get my scammed Bitcoin after I had contacted ( cybergenie(@)cyberservices(.)com ) (+_1_2_5_2_5_1_2_0_3_9_1). I am not happy about this because I really thought all of this was real as I had serious plans for my investment profits. Cyber Genie recouped all I had invested but the profits on the investment couldn’t be withdrawn. Thank Cyber Genie for teaching me about the endless options these scammers use to wreak havoc on harmless individuals. I witnessed the authenticity and extreme professionalism of CYBER GENIE PRO!!