Business

Multibillion Rupees tax evasion scam unearthed

 

Aftab Ahmed

Islamabad: The Federal Board of Revenue (FBR) has unearthed a scam of tax evaders by depriving national kitty of billions of rupees, said an official of FBR.

Directorate of Intelligence & Investigation (IR), Karachi has unveiled a scam of tax evaders who have deprived national exchequer with billions of rupees through fake and flying invoices. Giving the details of the scam, the official said that the I&I-IR, Karachi has initiated action and unearthed 50 to 60 unscrupulous persons who are engaged in issuing and utilizing flying and fake invoices either to evade sales tax or to facilitate other persons in minimizing their sales tax liabilities.

The same is operating through various cities of Pakistan and issuing sales tax invoices without any physical movements of goods, the official said, adding that so far paper transactions valuing Rs 7.729 billion involving sales tax of Rs 1.305 billion is unearthed.

The suspected revenue involved in the scam might rise up to Rs 10 billion and officials concerned in FBR are investigating the matters to trace and apprehend the masterminds of the Mafia behind the scam, the official maintained.

Giving the details of the Scam, the official said that a thorough investigation of the scam is underway and so far suspension and blacklisting of 10 bogus registered persons namely M/s Shahid Enterprises, M/s Hashmi Traders, M/s Jibran Enterprises, M/s Rizwan Enterprises, M/s Lucky Corporation, M/s Zaid Enterprises, M/s Zahid & Co, M/s Khatri Enterprises, M/s S.S.S Expo, and M/s A-One packages registered in Karachi is initiated.

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