FBR detects Rs1bn tax fraud.

ISLAMABAD -- The Directorate of Internal Audit-Inland Revenue of the Federal Board of Revenue (FBR) in Karachi has detected a case of tax fraud involving a revenue loss of more than Rs1 billion and launched an investigation against the potential beneficiaries of this fraud.

The Karachi-based office of the internal audit lodged a First Investigation Report (FIR) against accused Nawab Zaman, who got sales tax registration on a fake company in FBR to commit the tax fraud on January 22, 2016.

An official of the audit department said that the accused person made a fake company named Tamnna...