Friday, May 14, 2021

FBR officers should be included in tax investigations, according to PSMA

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Each template in our ever growing studio library can be added and moved around within any page effortlessly with one click. Combine them, rearrange them and customize them further as much as you desire. Welcome to the future of building with WordPress.

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Responding to evidence of violations, the Pakistan Sugar Association (PSMA) urged the Federal Revenue Board (FBR) to include competent officials in the investigation, alleging they may have provided false information.

The FBI recently ordered 81 of 89 sugar factories to pay less than the income tax on sugar in question. The calculations for 61 factories show a failure to pay an income tax of Rs 404.20 billion.

The non-payment of income tax on real production is mainly calculated for the 2015-2019 period. Tax calculations are still ongoing for 20 major factories, including JDW, Tandlianwala, Ramzan, Chashma, and Premier.

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FBR teams are seconded to each factory to determine the actual sugar production, and taxes are collected based on this amount in bags leaving the factory premises.

PSMA chairman Iskandar Khan also asked FBR to launch a full IR (Operation) investigation into this department.

Employees who led the IR (Operational) position from 2015 to 2019 must be included in the investigation, even though they are retired, to find out the facts why the department closed these files during that period,” he said.

The FBI’s local tax office launched a combined income tax and sales tax audit on sugar mills in 2020. After examining sugar mill records, the audit team calculated a tax loss of $ 469 billion. Testing continues for 20 major sugar mills in the country.

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