FBR recovers Rs620m from automobile manufacturer

[ahlam1399]

LAHORE: The Directorate of Intelligence and Investigation, Inland Revenue (I&IIR), Federal Board of Revenue (FBR) Lahore, has managed to collect Rs 620 million tax from a single party after a successful raid. According to an FBR official, on a solid tip about tax evasion with counterchecking from different sources, I&IIR officials conducted a raid on the headquarters of a leading automobile manufacturer in Lahore. The officials conducted a search and seizure operation on the business premises of the automobile manufacturer and took the record, laptops, desktops and server machines into custody. After thorough examination of the impounded record, the officials confronted different discrepancies in the taxpayer’s declarations. The taxpayer was found involved in under-valuation of his products, non-payment of further tax and illegal adjustment of sales tax on purchases that were irrelevant to his production and supplies. The FBR official said the taxpayer conceded its default and agreed to voluntarily deposit Rs 620 million into the government treasury after revision of sales tax and income tax returns for July 2014 to June 2018. This is the highest amount gathered by the FBR from a single taxpayer in a day during the ongoing crunched fiscal year when the government has been doing all-out efforts to increase it tax collection which has been falling less than Rs 235 billion during the first eight months of the fiscal year.The official said the Directorate of Intelligence and Investigation (Inland Revenue), Lahore, intends to conduct such actions in future against other automobile manufacturers involved in tax evasion. The FBR headquarters supported the strong intelligence raid and recovery of evaded tax from industrial taxpayers, the official said, adding that the case is being referred as an example to other field offices for motivation.The official said those involved in suppression of sales, illegal input claims, non-payment of further tax and other tax anomalies will voluntarily amend their declarations according to their actual business volume. The taxpayers, who continue to commit such anomalies, shall be apprehended as per law and no leniency shall be given to them. The official said the board has asked other field offices to conduct such successful raids to increase tax collection.http://feeds.feedburner.com/~r/com/cwEr/~4/G8myEMJq_2E

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