ISLAMABAD -- After withdrawal of zero rating regime for five export oriented sectors, the Federal Board of Revenue (FBR) has caught a Faisalabad-based firm involved in an alleged business of flying/fake invoices and committing tax fraud of Rs134.4 million, reported.
The FBR's Directorate of Intelligence and Investigation (Inland Revenue), Faisalabad has unearthed a big scam of issuing/adjusting fake and flying invoices involving tax fraud of millions of rupees, the publication said.
FBR has launched tax fraud proceedings against the sales tax fraudsters and has also filed the First Information Report (FIR) against M/s Arrow International, its buyers, suppliers and other beneficiaries under section 37A of the Sales Tax Act, 1990.
The brief facts of the case revealed that the firm was registered into Sales Tax on 21-02-2017 with principal activity of 'Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles/Wholesale of Household/Goods/Wholesale of textiles, clothing and footwear'.
The initial investigation have shown that the registered person filed income...