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Tax evasion: FBR to audit 133 multinational companies

Tax evasion: FBR to audit 133 multinational companies

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to audit already identified 133 multinational companies working in Pakistan over alleged tax evasions.

Sources said that the FBR will audit these firms for the purpose of scrutinising their accounts to find out potential tax evasion of worth billions of rupees under donors funded projects.

Regional Taxpayer Office (RTO) Islamabad received detailed investigation report about one international contracting firm with the directive for immediate enforcement of complete annual statements for last five years and selection of company’s case for audit purposes.

After finding out massive tax evasion in international contracting firms through execution of multimillion dollar donor funded projects, the FBR has now gathered information about 133 such international firms which were executing different projects with the assistance of USAID, DFID, GIZ, CIDA and other bilateral donors.

“Keeping in view pattern of massive tax evasion through international contracting firms, the FBR is expecting to raise multibillion rupees demands through this ongoing exercise for the purpose of broadening of narrowed tax base,” said the official sources. The official said that the FBR could generate billions of rupees taxes from these high net worth value cases as these are potential areas for netting the due taxes instead of focusing upon minor cases.