Tuesday, 28 May 2024
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FBR’s action against massive tax evasion

Federal Board of Revenue’s (FBR) Directorate of I&I-Inland Revenue (IR), Lahore’s in an action against steel melters and re-rollers captured massive tax evasion.

Steel melters and re-rollers units involved in large scale evasion of Federal Excise Duty. By way of escaping of actual production and supplies and suppression of actual value of supplies. This is in violation of sub-section 5A of section 3 of Federal Excise Act, 2005.

The Directorate of Intelligence and Investigation-Inland Revenue, Lahore carried out proceedings. Such proceedings initiated under Section 25 and Section 45 of Federal Excise Act, 2005. Proceedings initiated against two industrial units manufacturing iron and steel products, working at adjacent premises situated at Sheikhupura.

The above said units had not paid due Federal Excise Duty payable in sales tax mode on its dutiable supplies by way of concealment of actual production and sales. During the search, certain record impounded. Such record was under scrutiny. Further investigation is underway. The Directorate General Intelligence and Investigation-Inland Revenue shall continue such operations in order to detect the fraud of duty causing loss or revenue amounting to hundreds of millions of rupees.

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See also  FBR fixes value of steel in respect of locally produced goods
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