The Federal Bureau of Revenue (FBR)has discovered tax fraud of Rs. 460 million by a Steel Mill in Sheikhupura.
In a press release issued by the department, it is said that in order to curb tax evasion, employees of I & I-IR in Lahore made a Surprise visit to the premises of a Steel plant in the Sheikhupur region, and discovered a tax evasion tot he tune of Rs.400 million .
The steel plant produced steel bars, ingots and blocks. During the preliminary investigation, it was established that the Steel plant did not declare Sales tax during the tax year, however the electricity meter installed in the building showed significant electricity consumption during this period.
After a preliminary examination of the available information and at the end of the assessment, a raid was carried out and the relevant documents were seized. According to preliminary estimates, the case concerns a tax evasion to the tune of Rs. 400 million.
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