No Result
View All Result
Monday, June 9, 2025
MM News
اردو
  • Home
  • Latest News
  • Showbiz
    Ana de Armas in a scene from "Ballerina." (Lionsgate via AP)

    How to watch Ana de Armas’ ‘Ballerina’ online

    SI Film

    Love Guru Review: Hit or flop?

    (Credit: Europa Press)

    ‘I Am Georgina’ won’t return as Netflix ends show about Ronaldo’s girlfriend

    Ali Zafar drops first Shina song ‘Karay Karay’ on Eidul Adha

    Ali Zafar releases first Shina language song ‘Kare Kare’

    Hania Aamir, known for her lively spirit, surprised fans with a photo carousel from Makkah, Saudi Arabia while Sana Javed, dressed in a peach ensemble, celebrated Eid with her cricketer husband Shoaib Malik

    Pakistani celebs celebrate Eidul Adha 2025 in style

    Directed by Tarun Mansukhani and produced by Sajid Nadiadwala, Housefull 5 features a power-packed lineup including Akshay Kumar and Abhishek Bachchan

    When will Akshay Kumar’s ‘Housefull 5’ get OTT release?

  • Thought Box
  • Business
  • Opinions
  • Technology
  • The Other Side
MM News
  • Home
  • Latest News
  • Showbiz
    Ana de Armas in a scene from "Ballerina." (Lionsgate via AP)

    How to watch Ana de Armas’ ‘Ballerina’ online

    SI Film

    Love Guru Review: Hit or flop?

    (Credit: Europa Press)

    ‘I Am Georgina’ won’t return as Netflix ends show about Ronaldo’s girlfriend

    Ali Zafar drops first Shina song ‘Karay Karay’ on Eidul Adha

    Ali Zafar releases first Shina language song ‘Kare Kare’

    Hania Aamir, known for her lively spirit, surprised fans with a photo carousel from Makkah, Saudi Arabia while Sana Javed, dressed in a peach ensemble, celebrated Eid with her cricketer husband Shoaib Malik

    Pakistani celebs celebrate Eidul Adha 2025 in style

    Directed by Tarun Mansukhani and produced by Sajid Nadiadwala, Housefull 5 features a power-packed lineup including Akshay Kumar and Abhishek Bachchan

    When will Akshay Kumar’s ‘Housefull 5’ get OTT release?

  • Thought Box
  • Business
  • Opinions
  • Technology
  • The Other Side
No Result
View All Result
No Result
View All Result
MM News
اردو
  • Latest
  • Showbiz
  • Thought Box
  • Business & Stock
  • Opinions
  • Technology
  • The Other Side-Pakistan
Home Business & Stock

FBR internal audit reveals massive withholding tax scam

MM News Staff by MM News Staff
October 8, 2020
The FBR had extended the deadline for filing taxes till Oct 15, Source: FILE. 

The FBR had extended the deadline for filing taxes till Oct 15, Source: FILE. 

ISLAMABAD: An internal audit of the Federal Board of Revenue (FBR) had unveiled a massive scam worth billions in withholding tax regime.

Director-general (DG) of Internal Audit has written a letter to the member of Inland Revenue regarding scams in withholding tax regime as huge purchases of goods and services have been carried from “fictitious persons” in a number of cases.

The letter said that many taxpayers in order to show reduced profits, pay less tax or claim illegal refunds falsify purchase orders and bills and show huge purchases of goods and services from bogus and fictitious persons.

“These withholdees (suppliers) do not file tax returns, and the tax shown as deducted from these is not deposited into the Treasury. Thus, revenue loss is caused in three ways such as withholding agents show the reduced profit, no tax/minimum tax paid by the fictious withholdee (supplier), and non-deposit of withheld amount.”

The letter stated said this is similar to the method of fake invoices in case of sales tax but the volume is much bigger.

According to the letter, withholding agents have made dubious purchases of goods and services worth Rs4,193.687 billion in the last five years, on which tax liability of Rs1,258 billion (at an average rate of 30pc income tax) could have been evaded.

The scrutiny of the data revealed many discrepancies which substantiate the view that these are fake persons and acquisitions being used to show huge purchases of goods and services and thereby reduce the withholding agents’ profit and tax liability.”

The DG suggested that data may be shared with real-time operating systems (RTOs) and they be directed to conduct verification of the existence of the withholders, and to enforce their income tax returns along with payment of minimum tax and sales tax, wherever applicable.

He also suggested that RTOs should confirm whether the tax shown as deducted/withheld from these withholders has been deposited in the treasury. If not, legal action under relevant provisions should be taken against them to recover the amount.

Tags: FBRTAXwithholding
ShareTweetSendShare
Previous Post

Maulana Fazl dodges question on accepting Maryam Nawaz as PM

Next Post

SSUET to plan offering 5 percent honorarium for researchers: VC

Related Stories

Business & Stock

Pakistan’s IT exports up by 23.7% to $2.8 billion in FY25

June 9, 2025
Finance Minister Muhammad Aurangzeb on Monday presenting the Pakistan Economic Survey 2024-25 in Islamabad (Image: Dawn News)
Business & Stock

Pakistan Economic Survey 2024–25: From inflation to growth – key takeaways

June 9, 2025
Pakistan Finance Minister Muhammad Aurangzeb shows a copy of the economic survey of fiscal year 2024-2025 during a news conference in Islamabad, Pakistan June 9, 2025. — Reuters
Business & Stock

Pakistan misses growth target as Economic Survey 2024-25 unveiled

June 9, 2025
Bhatta Chowk cattle market
Bakra Eid 2025

Over 1.1 million sacrificial animals sold in Punjab ahead of Eidul Adha

June 9, 2025
Business & Stock

Federal budget 2025-26 to be presented tomorrow

June 9, 2025
Business & Stock

Major targets missed as Pakistan’s Economic Survey 2024-25 to be presented tomorrow

June 8, 2025
Business & Stock

Motor Dealers Association hopes govt will ease used vehicle import restrictions

June 8, 2025
(APP)
Business & Stock

Karachi’s Northern Bypass cattle market sees over 150,000 animals sold since April 19

June 7, 2025
Business & Stock

Budget 2025-26: Govt to increase withholding tax for non-filers

June 7, 2025
Pakistan’s Minister of State for Crypto and Blockchain Bilal Bin Saqib meets New York City Mayor Eric Adams (left) in NewYork City on June 6, 2025. (Pakistan Crypto Council)
Business & Stock

Bilal Bin Saqib meets New York City Mayor to strengthen bilateral cooperation

June 6, 2025
Next Post

SSUET to plan offering 5 percent honorarium for researchers: VC

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Trending Stories

Business & Stock

Pakistan’s IT exports up by 23.7% to $2.8 billion in FY25

by MM News Staff
June 9, 2025
Finance Minister Muhammad Aurangzeb on Monday presenting the Pakistan Economic Survey 2024-25 in Islamabad (Image: Dawn News)
Business & Stock

Pakistan Economic Survey 2024–25: From inflation to growth – key takeaways

by MM News Staff
June 9, 2025
Pakistan Finance Minister Muhammad Aurangzeb shows a copy of the economic survey of fiscal year 2024-2025 during a news conference in Islamabad, Pakistan June 9, 2025. — Reuters
Business & Stock

Pakistan misses growth target as Economic Survey 2024-25 unveiled

by MM News Staff
June 9, 2025
(Representational Image)
Top News

Rs22.21 billion allocated for Pakistani students to study abroad

by MM News Staff
June 9, 2025
Renna O’Rourke went into cardiac arrest after inhaling fumes from a compressed air product typically used to clean keyboards—an act also referred to as "huffing." (Image: Facebook)
Trending

What is the viral ‘dusting challenge’ that led to Arizona teen’s tragic death?

by MM News Staff
June 9, 2025

Opinion

munir ahmed oped
The Betrayals Within: From Homes to Halls of Power
June 5, 2025
- Munir Ahmed
munir ahmed oped
AIF 2025 – A Rallying Cry for Unity in a Fractured World
May 31, 2025
- Munir Ahmed
munir-ahmed-oped-2-1140x1140
Eurasian Economic Union at 10: Looking Beyond the Decade
May 29, 2025
- Munir Ahmed
No posts found
See all

Weather Updates

File photo
Bakra Eid 2025

Eidul Adha holidays: PDMA issues heatwave alert

by MM News Staff
June 5, 2025

Punjab Provincial Disaster Management Authority (PDMA) has issued an alert regarding temperature rise and...

representative image

Severe heatwave warning issued nationwide for Eid holidays

June 5, 2025
President Asif Ali Zardari

World Environment Day: Climate disasters displace millions in Pakistan: President

June 5, 2025
Image: ET

Weather updates for Karachi and other parts of country

June 5, 2025
See all

Prices

Solar panels installed at a Peshawar park to meet lighting needs. (Image: Dawn.com)
Business & Stock

Govt likely to impose 18% sales tax on solar panels in budget 2025-26

by MM News Staff
June 6, 2025

Pakistan is poised to introduce major changes to its taxation framework in the upcoming...

Karachi consumers get Rs2.99/unit relief, power rates hiked elsewhere

June 5, 2025
(File)

Gold price increases Rs4,300 per tola

June 5, 2025
(Representational Image)

Will govt scrap solar net metering in budget 2025-26?

June 5, 2025
See all

Transport News

File
Transport

Karachi Green Line BRT to receive Rs42.7 billion in PSDP 2025-26

by MM News Staff
June 9, 2025

The federal government has set aside a total of Rs. 42.7 billion under the...

Lack of adequate public transportation facilities in Karachi has made rickshaws a popular transport.

Sindh govt bans four-seat rickshaws in Karachi

June 6, 2025

Air Karachi granted regular public transport license

June 5, 2025
(Representational Image, Credit: ProPakistani)

How to apply for Punjab electric taxi scheme

June 4, 2025
See all

MM Digital (Pvt.) Ltd.

MM News is a subsidiary of the MM Group of Companies. It was established in 2019 with the aim of providing people of Pakistan access to unbiased information. Contact Details: 03200201537

Quick Links

  • Home
  • Advertise
  • MM News Urdu
  • The Other Side-Pakistan
  • Contact Us
  • Privacy Policy

Top Pages

  • Latest News
  • Showbiz
  • OP-ED
  • Technology
No Result
View All Result
  • Latest News
  • Showbiz
  • Thought Box
  • Business
  • Opinions
  • Technology

© Copyright 2024 MMNews - All Rights Reserved.