LAHORE: The Punjab Revenue Authority (PRA) unearths a tax gap of billions during the scrutiny of over a dozen major corporate sector companies.
During the investigation, the PRA discovered differences in actual withheld tax and deposits.
Sources told that the withholding agents were supposed to deduct due tax against services rendered and deposit the same to the PRA.
Upon scrutiny, the amounts deposited differed from those that were withheld. The companies had been asked for reconciliation within a month, otherwise, they would be barred from submitting their returns.
In October, Customs intelligence had unearthed the tax fraud worth Rs3.5 billion allegedly committed by a private company.
The Customs intelligence detected a Rs3.5 tax fraud in a company namely HSJI that cleared steel bars by deceiving Customs Collector Hyderabad without paying the taxes and duties.
The Customs spokesperson said that the company would have faced fines, duties and taxes worth Rs3.5 billion. A First Information Report (FIR) was lodged by Customs intelligence, however, no recovery has been made from the company so far.
It emerged that the fraud money was used in a construction project. The Customs spokesperson said that the accused was associated with the HSJI namely company. The construction company used steel products in a Karachi-based project.
The FIR was lodged on October 27 on a tip-off about money laundering. The nominated persons include Muhammad Hanif Jeewani, Ahmed Hanif Jeewani and others.
