{"id":99878,"date":"2024-10-11T15:29:40","date_gmt":"2024-10-11T10:29:40","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=99878"},"modified":"2024-10-11T15:43:45","modified_gmt":"2024-10-11T10:43:45","slug":"fm-shows-concerns-over-tax-evasion","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fm-shows-concerns-over-tax-evasion.html","title":{"rendered":"Half of tax evasion linked to corporate sector: Finance Minister"},"content":{"rendered":"\n<p>Islamabad: Finance Minister Muhammad Aurangzeb disclosed today that nearly half of the estimated PKR 3.4 trillion in tax evasion is attributed to large corporations, as reported on October 11.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-to-unveil-new-valuations-of-property-today.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR to unveil new valuations of property today, massive rise expected<\/a><\/p>\n\n\n\n<p>During a press briefing alongside Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial, Minister Aurangzeb issued a strong warning to the&nbsp;Chief Financial Officers (CFOs) of these companies, cautioning against filing inaccurate tax returns. He underscored that such violations could lead to severe penalties, including imprisonment for up to 10 years.<\/p>\n\n\n\n<p>Recent enforcement actions, including the arrest of individuals associated with a major footwear company implicated in tax evasion, reflect the government\u2019s intensified crackdown on corporate tax evasion. This enforcement effort is expected to escalate further in the coming weeks.<\/p>\n\n\n\n<p>Aurangzeb highlighted that Pakistan&#8217;s economic stability is at risk with a tax-to-GDP ratio of 9-10%, below the optimal 13%. Correcting this imbalance, he stressed, is crucial to support sustainable economic growth.<\/p>\n\n\n\n<p>Chairman Langrial echoed these sentiments, emphasising the FBR&#8217;s commitment to eliminating non-filers by October 14. He identified fraudulent input tax adjustments as a significant issue, urging CFOs to ensure compliance to avoid legal repercussions.<\/p>\n\n\n\n<p>The FBR is also planning to introduce a value-added tax (VAT) system for sales tax collection, although resource constraints remain a challenge. Efforts are underway to enhance human resource capabilities and auditing procedures through specialised training programs.<\/p>\n\n\n\n<p>According to FBR data, widespread tax fraud spans multiple sectors, including iron and steel, cement, beverages, batteries, and textiles. Companies in these sectors have been found misreporting earnings, inflating input tax claims, and issuing fraudulent invoices. The estimated total sales tax fraud in these sectors amounts to PKR 227 billion.<\/p>\n\n\n\n<p>Specific cases include iron and steel companies evading PKR 29 billion in taxes through questionable claims on scrap metal and coal, and the battery sector evading PKR 11 billion through lead-related claims. Similar irregularities were identified in the cement, beverages, and textile industries, resulting in significant revenue losses due to fraudulent practices.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-sets-eye-on-2-8-mn-new-taxpayers.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR sets eye on 2.8 mn new taxpayers to increase revenue by 1.6 tn<\/a><\/p>\n\n\n\n<p>Aurangzeb reaffirmed the government\u2019s commitment to holding tax evaders accountable, emphasising that strict actions will be taken against all involved in such activities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: Finance Minister Muhammad Aurangzeb disclosed today that nearly half of the estimated PKR 3.4 trillion in tax evasion is attributed to large corporations, as reported on October 11. Read: FBR to unveil new valuations of property today, massive rise expected During a press briefing alongside Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial, Minister Aurangzeb issued a strong warning to the&nbsp;Chief Financial Officers (CFOs) of these companies, cautioning against filing inaccurate tax returns. He underscored that such violations could lead to severe penalties, including imprisonment for up to 10 years. Recent enforcement actions, including the arrest of individuals associated with a major footwear company implicated in tax evasion, reflect the government\u2019s intensified crackdown on corporate tax evasion. This enforcement effort is expected to escalate further in the coming weeks. Aurangzeb highlighted that Pakistan&#8217;s economic stability is at risk with a tax-to-GDP ratio of 9-10%, below the optimal 13%. Correcting this imbalance, he stressed, is crucial to support sustainable economic growth. Chairman Langrial echoed these sentiments, emphasising the FBR&#8217;s commitment to eliminating non-filers by October 14. He identified fraudulent input tax adjustments as a significant issue, urging CFOs to ensure compliance to avoid legal repercussions. The FBR is also&hellip;<\/p>\n","protected":false},"author":88,"featured_media":99881,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[54453,19230,57744],"persona":[],"class_list":{"0":"post-99878","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-fbr-news-and-updates","9":"tag-federal-board-of-revenue-fbr","10":"tag-finance-ministry-news-and-updates","11":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FM Shows Concerns Over Tax Evasion - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: FM reveals that large corporations are responsible for nearly half of PKR 3.4 trillion in tax evasion, reported on Oct 11.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/fm-shows-concerns-over-tax-evasion.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FM Shows Concerns Over Tax Evasion - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: FM reveals that large corporations are responsible for nearly half of PKR 3.4 trillion in tax evasion, reported on Oct 11.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fm-shows-concerns-over-tax-evasion.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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