Directorate of Intelligence and Investigation of Inland Revenue Federal Board of Revenue (FBR) Lahore has conducted a search and seize operation at the office of M/s. United Auto Industries.
The company under question is the assembler/manufacturer of United automobiles, situated at 47-B, Johar Town, Lahore. The Directorate conducted the raid based on credible information, taken from the tax record of the company available on the FBR e-portal.
The company is alleged to be engaged in undervaluing its products, not paying further tax and illegally adjusting the sales tax on purchases. The adjustments are irrelevant to the company’s production and supplies.
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The directorate team obtained the search warrant from the area magistrate before conducting the raid, as per Section 40 of the Sales Tax Act, 1990.
During the raid, the records, laptops, documents, server machines, and desktops were also seized by the team. Moreover, investigations are ongoing regarding the case. FBR expects sales tax evasion of hundreds of million Rupees.
The team plans to conduct more raids on businesses that are engaged in tax evasion and causing huge losses to the national exchequer.
Via: Nation
