The Federal Board of Revenue (FBR) has recovered more than Rs. 840 million from a prominent leather manufacturing company, ATS Synthetics, after freezing its bank accounts.
Sources told ProPakistani that the taxpayer, who is a famous businessman and also remained in key positions in Lahore Chamber, had paid a reduced rate of tax on bank profit, whereas profits exceeding Rs. 5 million were liable to be taxed at the normal rate under the relevant tax laws.
Upon scrutiny, it was found that the company had underpaid its due taxes.
Sources also said that the Commissioner (Appeals) Lahore also upheld the department’s stance, confirming that the company was liable to pay the additional tax amount. Following this decision, the Corporate Tax Office, Lahore, proceeded with the recovery by freezing the company’s bank accounts and successfully depositing the recovered funds into the national exchequer.
The accused individual is currently the Chief Executive Officer at NIMIR Chemicals Pakistan Limited.
He also holds directorships in Nisar Spinning Mills (Pvt) Limited and Pakistan Vinyl Industries.
The individual was honored as the leading taxpayer in Pakistan in 2014. He is also invested in other industries like Textile Spinning, Artificial and Synthetic Leather, Plastic, and Chemicals.
It is pertinent to note that Chairman FBR has ordered all field formations to increase their efforts for the recovery of taxes.
The FBR headquarters has also shared precise details of taxpayers who have underpaid their taxes.
Meanwhile, the FBR chairman is also visiting Karachi for the achievement of the November 2025 target.
The FBR tax revenue shortfall during the first four months was recorded at Rs. 274 billion.
Oh wow companies underpaid their Corp taxes ? News flash
They all do it.
That’s exactly why innocent people are burdened. Tax the rich , put rent cap on real estate
That’s how you succeed.
Anjum Nisar haha
No sane person will trust FBR’s claims and assertions without listening to affectee’s stance. It is very likely that FBR illegally froze accounts to coerce businesses just to meet its unmet tax targets.
The business community has knowingly suffered from such excessive coercive action from FBR many times over past few years.
Such coercive actions from FBR are the reasons businesses should minimize the presence of funds in bank accounts. Banks can not be trusted with money since they have capitulated to FBR’s and government’s data sharing demands.
Government is encouraging undocumented economy due to its draconian actions.
Highest tax payers ko duniya shabaashi deti hai, yahan uss ke bank profit pe bhi mazeed tax laga rahay hain.