KARACHI: The authorities concerned of the Federal Board of Revenue (FBR) have started investigations against Orakzai Industries and Khyber and Company, as both companies are involved in tax evasion to the tune of around Rs 280 million.
Well-informed sources told Customs Today that both the companies availed concession rates through judicial orders on import of raw material. The above-said companies are also allegedly involved in evading sales tax and income tax.
Sources further revealed that the management of both the companies deposited cash as security, but after that they used duplicate and forged certificates to get the amount back. Due to the illegal activities of both the companies, the national kitty bore a loss of Rs 278.6 million.
Sources said that the FBR has already initiated investigation and will take stern action against these companies.
If the authorities concerned of the FBR successfully recover the defaulting amount, it will be easy for the FBR to achieve the financial target of the current fiscal year.
