The Federal Board of Revenue (FBR) with the help of modern digital technologies has caught a fraud of Rs 11 billion involving fake companies registered with the tax machinery.
Two fake companies, Junaid Impex and Tradezone, have been identified as allegedly involved in the sale of duty-free coal to cement plants, both of which have also opened accounts in local banks.
According to the FBR, it has also been revealed that fake sales tax receipts were used to supply local coal to cement factories, coal used in the power sector is also an important component of the cement industry.
Pakistan’s cement sector requires an average of 13,000 thousand tonnes of coal and this demand is increasing over time, this demand is met through imports and domestic production, an estimate of the country’s coal reserves. 185 thousand billion.
According to the Internal Audit Directorate of FBR in Land Revenue Karachi, they have registered an FIR against the accused in the Customs and Taxation Court Karachi. is the first drop, as we believe that more such bogus companies are involved in supplying coal to cement factories.
The fraud has been traced through the latest software technology used as part of the government’s digitization policy, according to an FBR tax official, with powerful business groups and families benefiting the most from the duty-free delivery of coal. There are.
Currently, the FBR is providing sales tax registration to everyone due to expansion of tax net, however, the board has made a distinction between transactions involving paper transport and actual transport of goods without delivery of goods. is unable
