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FBR I&I IR detects tax evasion of Rs460m

FBR I&I IR detects tax evasion of Rs460m

LAHORE: The Federal Board of Revenue (FBR) Directorate of Intelligence & Investigation, Inland Revenue (I&I-IR) has unearthed tax evasion worth Rs460 million.

According to sources, in a drive to curb tax evasion, the Directorate of Intelligence & Investigation-IR Lahore conducted a raid on the business premises of a steel mill located at Ferozwala, District Sheikhupura and unearthed estimated tax evasion of Rs400m.

The steel mill was engaged in the manufacturing of steel bars, ingots and billets. During the initial investigation, it was revealed that the steel mill had filed Nil Sales Tax/ FED Returns for one year, however, an electricity meter installed at the premises showed huge consumption of electricity during that period.

On the basis of initial scrutiny of available information and after fulfilling legal formalities, a raid was carried out and relevant documents and records have been impounded. According to the initial estimate, tax evasion of Rs400mis involved in the case.

The record is under scrutiny at the Lahore Directorate and further legal action will be taken to recover the evaded taxes and duties.