Tuesday, April 16, 2024
Tuesday, April 16, 2024
HomePakistanHuge Rs314 Billion Tax Scam Revealed by FBR

Huge Rs314 Billion Tax Scam Revealed by FBR

In Karachi, the FBR discovered the largest tax fraud in the country of Rs314 billion. The FBR’s Directorate of Internal Audit-Inland Revenue identified the fraud. This fraudulent activity was carried out by a fake company called K H & Sons. This company existed only on paper and was registered under a fake name of Muhammad Kashif.

Documents from the fake company claimed it was operating in the iron and steel industry while mentioning Liaquat Market, Agri Market, and M A Jinnah Market as addresses. It turns out this fake company was involved in various illegal activities. This raises the concern if the rules are being followed and supervision are working and what happens when people commit big financial crimes.

Despite uncovering this massive tax fraud, the FBR has not yet filed any case against the criminals. There are concerns that if action is delayed, the accused individuals might flee the country. Many are left wondering whether the culprits of such a big scheme would ever be brought to justice as well as how it went undiscovered for such a long time.

The FBR plans to crack down more on tax evasion nationwide. They have compiled a list of 11,000 individuals from major cities like Lahore and Karachi, including industrialists, mill owners, traders, property dealers, and wholesalers. Tax defaulters will face stricter measures, including possible arrests.

spot_img

More articles

spot_img

Latest article