The Federal Board of Revenue (FBR) has sealed three luxury watch outlets in Karachi. The businesses were accused of tax evasion and failing to comply with the Point of Sale (POS) system.
According to FBR sources, the businesses declared stock worth Rs. 40 million. However, records indicate actual sales of Rs. 700 million. With a 25 percent sales tax on luxury watches, the estimated tax liability stands at Rs. 180 million.
FBR has seized business records and vowed strict action against the alleged tax evaders. Officials warn that further investigations may uncover more discrepancies.
Previous Tax Evasion Scandal
Last year, an FBR investigation exposed a Rs. 3.7 billion tax evasion scam. The case involved duty-free goods meant for FATA and PATA.
The audit found that imported goods, exempted from taxes, were illegally sold outside designated areas. This violated customs laws and caused massive revenue losses.
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Crackdown on Tax Fraud
FBR continues its crackdown on businesses involved in tax fraud. The agency has increased audits and enforcement actions to prevent revenue losses.
Officials stress that businesses must comply with tax laws to avoid legal consequences. Authorities urge traders to register with the POS system and declare accurate sales records.
Future Investigations Expected
FBR has warned of more inspections in the coming weeks. The agency plans to investigate other businesses suspected of similar violations.
Tax officials emphasize the importance of transparency. They assure that strict penalties await those found guilty of tax evasion.
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