FAISALABAD: The Federal Board of Revenue (FBR) Regional Tax Office Faisalabad has blacklisted 50 registered yarn firms that had caused a loss of Rs 300 million to national exchequer.
According to details, the Regional Tax Office’s Intelligence and Investigation Wing blacklisted the firms including Five Industry, Friends Industry, King Packages, Eman Galaxy Traders, United Traders, Pakeza Traders, Bilal Packages, Ghazala Packages and others.
Sources said that the blacklisted firms were involved in using fake bank accounts to run their businesses. They added that the accused were using such bogus accounts to hide their actual transactions from the department in order to avoid taxes.
According to the Sales Tax Act, 1990, it is imperative to pay the sale tax at the rate of 17 percent on the sale and purchase of goods.
