Islamabad, Oct 11: FBR Registers FIR Against Major Cement Company for Alleged Rs700 Million Tax Fraud
A renowned cement company is the target of a formal FBR Registers FIR filed by the Federal Board of Revenue’s (FBR) Directorate of Internal Audit, Inland Revenue, Karachi, about claims of tax evasion of Rs. 316 million.
As per the said document the directorate of the Internal audit team had visited the offices of M/s Al Junaid Impex in various areas of Karachi, but it was astonishing that the team came to know that offices of said company are not available there.
It is regretted that during our searches conducted at the premises of M/s Al Junaid Impex (RTO-1) Karachi, no godown or vehicles were present, and office staff were also missing which is essential for any legal coal or other items trader.
Thus M/s Junaid Impex failed to exhibit the normal traits that every normal supplier and receiver of goods are expected to exhibit according to FBR’s portal data.
That is how it become clear that M/s Junaid Impex is involved in making and circulating fake invoices/fake input of sales tax to the others.
During the course of investigation, a rethink was also discovered that M/s Trader Zone is also involved in supplying fake and fraudulent goods to some suppliers of M/s Junaid Implex.
Even Trade Zone that corporation registered the name of a former WAPDA employee, its showing pension of less than Rs. 10,000 and the same company shown fake sales of Rs. 66 billion.
The name of Cement company M/s Power Cement Limited had also come in the investigation whose Jurisdiction is LTO Karachi because they receive this amount by deceiving tax affairs, and they are appearing fake purchases from the bogus units.
The basis for the current inquiry is the assumption that certain parties to the transactions used fictitious invoices in order to lower their sales tax obligations in the absence of any actual physical transfer of goods. Any such claim regarding Power Cement Limited is essentially false.
The amounts of both local and imported coal acquired are amply supported by the reconciled amounts of domestic and export sales, for which the Company has duly paid the output sales tax and federal excise duty.
