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In Karachi, the FBR discovers a Rs86 million tax evasion scheme.

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7 months ago

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As per the statement provided by the FBR representative, the tax fraud that involved under-invoicing in a well-known cement firm was discovered by the FBR’s Intelligence and Investigation Wing.

Following an examination, it was discovered that the cement firm had attempted to use fictitious invoices to avoid paying sales tax of Rs86 million. The FBR’s I & I wing broadened its investigation following the swindle and was able to recover the amount of sales tax that had been avoided.

An extensive tax evasion scheme in the port city was discovered earlier this year by the Federal Board of Revenue’s (FBR) Post Clearance Audit team (PCA-North).
The inquiry showed that the products, valued at Rs 3.7 billion, were sold illegally for the Federally Administered Tribal Areas (FATA) and Provincially Administered Tribal Areas (PATA), ostensibly to avoid paying taxes.

Importantly, customs laws were broken by unlawfully distributing duty-free imported commodities outside of FATA and PATA’s defined borders.

Customs officers said that only the borders of the FATA and PATA regions may be used to sell duty-free imported goods.

Right away, a case was opened, and teams were assembled with the specific goal of capturing the owner of the company that was involved.

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Maintaining Fertiliser Price Stability: The Need for a Continuous Gas Supply to the Fertiliser Sector

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6 days ago

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To guarantee fertiliser price stability, a cabinet committee meeting was presided over by Senator Muhammad Ishaq Dar, the deputy prime minister.

Senior government officials, including Industries Minister Rana Tanveer Hussain, attended the meeting.

The attendees received an update on the government’s, gas suppliers’, and fertiliser industry’s conversations. Additionally, the gas supply for the fertiliser sector was evaluated and determined to be adequate.

Throughout the Rabi cropping season, the Deputy Prime Minister ordered the fertiliser industry to maintain a continuous gas supply in order to guarantee steady production and stock levels.

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Fifth Straight Cut: PM Applauds SBP’s Policy Rate Reduction

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6 days ago

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Prime Minister Muhammad Shehbaz Sharif has praised the State Bank of Pakistan’s decision to lower its policy rate by an additional 2 percent, stating that the bank’s current 13 percent rate is encouraging for the nation’s economy.

He expressed optimism in a statement that the policy rate cut would encourage investment and further boost investor confidence in the country’s economy.

The prime minister said that decreasing the inflation rate also lowered the policy rate and that future inflation rate reductions will be even more pronounced.

Additionally, he expressed gratitude to the Federal Finance Minister and other officials for their work in this area.

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GHQ Attack Case: Prosecution Seeks Bail Cancellation of CM KP & Other Accused, Indicts 9 More

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6 days ago

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25 defendants, including PTI officials, have non-bailable arrest warrants issued by the Anti Terrorism Court of Rawalpindi for their failure to show up for court proceedings related to the GHQ attack case.

Judge Amjad Ali Shah added nine more suspects to the GHQ attack indictment list during today’s ATC Court sessions, bringing the total to 98.

Among the 61 defendants who appeared in court were Shah Mehmud Qureshi and the founder of the PTI.

Among those charged are Khadim Hussain Khokhar, Mehr Mohammad Javed, Chaudhary Asif, Zakir Ullah, Azeem Ullah, Shireen Mazatri, Major Retired Tahir Sadiq, and former MPA Rashid Hafeez.

A plea to cancel the bail of 23 suspects, including Chief Minister Khyber Pakhtunkhwa, has also been filed by the prosecution side.

In the GHQ attack, there were 119 accused in total.

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