Tax Evasion: FBR starts audit of OMCs

Aftab Ahmed

The Federal Board of Revenue (FBR) has started an audit of Oil Marketing Companies (OMCs) to find out tax evasion.

The FBR will complete the audit by the end of June this year.

The government had referred a case to FBR to conduct an Audit as part of an initiative to launch a crackdown against the oil marketing companies (OMCs) involved in the oil crisis last year.

It had also referred a case to Federal Investigation Agency (FIA) to conduct an inquiry within 90 days to fix responsibility. OGRA directed OMCs to build up their stocks of Petrol and Diesel up to a minimum of 20 days

The Oil and Gas Regulatory Authority has directed all the Oil Marketing Companies to build up their stocks of Petrol and Diesel owing to the start of harvesting season in the country.

It is pertinent to mention that adequate oil stock is available in the country however keeping in view the harvesting season, OMCs are advised to maintain and top up their stocks just as a precautionary measure to cater for the demand of harvesting which is a routine practice.

The OGRA has directed the OMCS to build up their stocks of petrol & diesel. Adequate oil stock is available in the country. OMCs are directed to keep and maintain the oil stock owing to the start of the harvesting season. It is to cater to the demand of the harvesting as a routine practice.