MULTAN: The Regional Tax Office (RTO) of the Federal Board of Revenue (FBR) has recently detected tax evasion of Rs 800 million against Pak-Arab Fertilizer Company during financial audit of fiscal year 2010-11.
The FBR has decided to conduct business audit of the company after detecting their tax evasion of Rs 1.62 billion by concealing their massive stocks of fertilizer by-products during raids on two warehouses . The Regional Tax Office has formed tax evasion cases against Fatima Fertilizer and Pak-Arab Fertilizer and booked them in tax evasion cases for the recovery of outstanding taxes.
The said companies have deposited the tax evasion amount of Rs.1.62 billion in different installments.The Federal Board of Revenue has decided to examine financial matters and audit of the said companies to clarify their previous tax record.
The tax embezzlement of Pak Arab Fertilizer revealed during the special investigative tax audit of FBR held on the request of former Chief Commissioner Hafiz Muhammad Jamil Owaisi .The Federal Board of Revenue has directed Chief Financial Officer of Pak Arab Fertilizer Afzaal Ahmad to deposit Rs 800 million in the light of audit report. Pak Arab Fertilizer have damaged national exchequer through the massive tax evasion.
The investigative team led by Commissioner Special Zone Abid Raza Bodhla alongwith Deputy Commissioner Audit special Zone Abid Rasool Khan ,Deputy Commissioner Audit Abdul Wahab ,Assistant Director Audit Ghulam Ali ,Assistant Director Intelligence and Investigation Rana Taj Ahmad and others have conducted audit of Pak Arab Fertilizer .
Sources told Customs Today that after scrutiny of the financial audit of said company detailed report has been handed over to the fertilizer company for the payment of their Rs 800 million in which FBR found huge difference in the income and taxes of the company. Fatima Fertilizer and Pak Arab Fertilizer were booked in the tax evasion of Rs 1.62 billion in an action of FBR and further previous year audits of 2011-12, 2012-13, 2013.2014 will also be carried out very soon.
