FBR Arrests CFOs of Two Textile Companies for Alleged Tax Fraud

In a major development, the Directorate of Intelligence & Investigation-Inland Revenue, Faisalabad has arrested Chief Financial Officers (CFOs) of two Faisalabad-based manufacturers of textile goods on the charges of abetment/connivance in Sales Tax fraud by claiming fake input tax on coal. The revenue loss caused by the fraudulent practices, involving a gang of fraudsters, runs in multi-millions of PKR to the national exchequer. An FIR had already been registered against the suppliers, beneficiaries, connivers, and others. These arrests have been executed in the wake of the country-wide crackdown against sales tax fraud and in line with FBR’s enforcement measures to enhance tax compliance.