Daily Times

The Faisalabad Regional Tax Office of the Federal Board of Revenue (FBR) has identified three companies allegedly involved in tax evasion of Rs 200 million, and of them two companies have been blacklisted while a show-cause notice has been issued to the third one. It should be noted that these three companies were involved in tax evasion of millions by preparing bogus records which have been traced.

FBR Faisalabad Regional Tax Office officials received intelligence that the city’s three largest industrial companies were creating bogus records and causing huge damage to the public exchequer. And they are involved in tax evasion of millions of rupees annually by showing very little of their total sales. An investigation by the FBR’s intelligence teams into the records of the three companies revealed that the companies were allegedly involved in sales tax evasion of more than Rs 200 million on which action has been initiated against them.

The Federal Board of Revenue, Faisalabad, has blacklisted two of these companies, Urooj Textiles and Subhan Weaving, for confirming their involvement in tax evasion and it has been clarified that tax evasion of Rs. 80 million has been done by Uruj Textile Management while Rs. 52 million has been evaded by Subhan Weaving. After the tax evasion case was confirmed, both companies have been blacklisted and their bank accounts have been frozen and in the future, these two companies will not be allowed to do business.

According to Federal Board of Revenue officials, the third company involved in the tax evasion case is Sunrise Traders, which is allegedly involved in tax evasion of Rs 70 million and if the clearance is not obtained after the completion of the investigation, the company will also be blacklisted and the company’s accounts will be frozen and business will be banned. The Faisalabad Regional Tax Office has clarified that the investigation in this regard will be completed soon and submitted to the higher authorities.

In this regard, Faisalabad Regional Tax officials said that non-discriminatory actions are being taken against the companies involved in sales tax evasion on the orders of Chairman FBR. And no one will be allowed to damage the government coffers while doing business. He clarified that several more companies are expected to come forward during the investigation into the sales tax evasion case.