FAISALABAD: The Regional Tax Office of the Federal Board of Revenue has collected Rs 3.77 billion against a target of Rs 4 billion for the first quarter of the current fiscal year in Faisalabad.
According to sources, Faisalabad region tops the list of cities where corrupt elements in the business community use bogus sales tax invoices. During the last three years, the FBR has lodged the first information reports (FIRs) against 183 businessmen in various cities of the country and Faisalabad remained at the top of the list with 100 FIRs.
As many as 15 FIRs were registered in Gujranwala, 27 in Lahore, 34 in Karachi and four in Multan. In these cases, attempts were made to evade over Rs 100 million sales tax through fake invoices, but the FBR managed to recover Rs 60 million.
The yarn market of Faisalabad is considered the largest market of Asia where billions of rupees sales tax is evaded by using fake invoices.
The RTO has launched various campaigns against fake invoice business. According to sources, there are many small and medium industrial units in Faisalabad which are required to be brought under the tax net.
