KARACHI: The Federal Board of Revenue (FBR) has blacklisted dozens of companies which were involved in receiving refunds worth millions of rupees after submitting bogus receipts. The FBR has already sped up the process of recovery and has started crackdown against these companies.
It may be mentioned here that the Directorate of Investigation and Intelligence of the FBR had been given the authority in 2008 to conduct raids and arrest the persons involved in embezzlement of the tax money.
During the year 2013, Regional Tax Office which is working under the Federal Board of Revenue blacklisted nine companies which were involved in submission of bogus tax returns. The first case was initiated against M/s. Global Trading Company which was involved in embezzlement of Rs 2,200,000.
The FBR already blacklisted 40 companies in 2014. The sources further revealed that Federal Board of Revenue is taking strict action against companies which were involved in bogus statements.
