Reported By: Imran Khan
KARACHI: The Corporate Tax Office (CTO) of FBR has lodged first ever FIR in the violation of Point of Sale (POS) on allegation of tax evasion amounting over 210 million here in Karachi.
An official informed Indus Gazette that the case has been registered against M/S Final Choice and the company owner has been arrested who was locked up in The Direcorate General Intelligence and Investigation Inland Revenue Karachi for further investigations.
According to the Details, The Corporate Tax Office (CTO) of FBR has registered a case against M/S Final Choice for concealing the sale of goods and tax evasion worth Rs. 210 million, the owner of M/S Final Choice company, submitted suspicious invoices and declared less sales of its company’s goods and caused huge loss to national exchequer.
Upon information of tax evasion a team was formed by the Commissioner In Land Revenue Enforcement under the suppervision of Deputy Commissioner Imran Qadeer to visit the business premises of the M/S Final Choice company’s Sale point which is located in the busiest area of Karachi, where the team observed huge crowd of customers, while many cash counters were in working without FBR Point of Sale software, which clearly indicated that sales of goods was being concealed in sales tax returns.
In view of the above, it was clear that the registered person has been found guilty of tax fraud by suppression of sales and the actual sale has been shown to be low. According to sources, a case has been registered against the accused for concealing taxable sales of Rs 421 million and evading sales tax of Rs 210 million.
It is to mention that M/S Final Choice is a large online shopping platform selling branded outfits, footwear, cosmetics and accessories, it has a big and busiest shopping outlet in Hyderi Market.
It is to remember that all the formations of FBR were tasked to implement the POS system in all the shopping centers, mega malls, markets and shops of relevant tier as soon as possible, FBR has been warning all the tier 1 shops owners that they should install the system on their points of sale to avoid legal procedures within the given time. FBR has several times extended the deadline and now has decided to deal violators with iron hands.