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FBR unearths Rs2bn evasion in edible oil sector

October 28, 2010 FBR unearths Rs2bn evasion in edible oil sector By Shahnawaz Akhter KARACHI: The Federal Board of Revenue (FBR) has unearthed tax evasion around Rs2 billion by the edible oil sector, which was hiding federal excise duty on local purchases in shelter of fixed duty on import regime, official sources said on Thursday. “The evasion was detected while assessing the records of six companies of last few years,” said an official at Large Taxpayers Unit (LTU) Karachi, a revenue collecting arm of the FBR. “In this regard a recovery notice worth Rs746 million has been sent to a foreign company,” the official said on condition not to be named. Similar notices would be sent by next week for the recover of remaining amount, the official added. The official said that specific tariff rate are applicable to edible oil in customs duty against advalorem rates in sales tax, therefore, there tax contribution is not matched with their imports and production during the period. Accordin...
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Introduction

Hi everyone i m going to post latest updates from the Federal Board of Revenue, besides the changes in tax laws around the world would be part of this blog... Please provide your feedback. Thanks, admin
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