NEWS OF INTEREST (NOI): Pakistan’s Directorate of Internal Audit-Inland Revenue of the Federal Board of Revenue (FBR) has detected a case of tax fraud involving a revenue loss of more than Rs1 billion ($5 million) and launched an investigation against the potential beneficiaries of this fraud.
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The Karachi-based office of the internal audit lodged a First Investigation Report (FIR) against accused Nawab Zaman, who got sales tax registration on a fake company in FBR to commit the tax fraud on January 22, 2016.
An official of the audit department said that the accused person made a fake company named Tamnna Enterprises. Raids are being conducted for the arrest of culprits, he said, adding investigations have been launched on a massive scale to find the real beneficiaries of this fraud.
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The case against the accused was filed by FBR in the court of special judge for customs, taxation, and anti-smuggling in Karachi under the related sections of laws governing its jurisdiction. (News source: Dawn);
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