It was unveiled by I&IIR (Intelligence and Investigation – Inland Revenue) that there is a “country-wide network”. The tax theft is worth Rs10 billion by the operation of fake industrial units.
As reported in the Express Tribune today, the Federal Board of Revenue intelligence wing revealed that there is an organized crime network operating in the country under the name of fake industrial networks. They have been causing loss of billions by issuing fake invoices.
These fake industrial units have been traced to the mainstream city Karachi. These units include Shahid Enterprise, Hashmi Traders, Rizwan Enterprises, Khatri Enterprises, SSS Expo, A1 Packages. All these industrial units have been registered with fake addresses.
These companies have helped in transactions worth billions but have not paid any taxes according to anonymous sources in I&IIR.
Nadeem Baig, spokesperson for I&IIR informed me that a special team will be hired for catching these masterminds. The names of all the participants which include influential figures have not been revealed.
This fraud worth billion has caused major damage to the national exchequer.