The Enforcement Zone of Large Taxpayers’ Office (LTO), Islamabad has recovered an amount of Rs. 1 billion from Attock Refinery Limited on Wednesday on account of a sales tax default committed by the company.
It has been learnt through reliable sources that LTO Islamabad made a significant recovery of a whopping Rs. 1 billion through the attachment of bank accounts of Attock Refinery Limited in Rawalpindi.
The company owed FBR Rs. 1 billion on account of sales tax default and the said tax demand was raised by LTO through an audit of the company’s books of accounts under section 25 of the Sales Tax Act 1990.
During the audit, LTO Islamabad unearthed violations of various provisions of the sales tax law and adjudication proceedings concluded in the passing of the Order under which the demand against the evaded tax was raised.
After the company lost its case in appeal, the entire tax demand of Rs. 1 billion was successfully recovered through bank attachment of the company’s bank accounts, as the law provides for this mode of recovery of any tax dues payable by a person registered in sales tax.
