LTU Karachi detects huge tax evasion | CustomNews.pk

LTU Karachi detects huge tax evasion

KARACHI: Large Taxpayers Unit (LTU), Karachi has detected huge tax evasion by a taxpayer, who claimed unauthorized/illegal brought forward losses to the tune of Rs21 billion. This revelation was made, when taxpayer's past assessment record was probed in detail, whereby it transpired that against actual assessed losses of Rs10 billion, the taxpayer claimed losses to the tune of Rs21 billion resulting into over claim of losses to the tune of Rs11 billion. This disclosure would result into huge tax payments by the taxpayer during current and future Tax years. Yet in another case, LTU Karachi has detected evasion of Sales Tax to the tune of Rs18 billion. This discovery was made, when taxpayers Sales Tax returns were scrutinized in depth revealing huge anomalies in declared sales. The taxpayer has been served with the statutory notice under the relevant provisions of Sales Tax Act, 1990 and collection of evaded Sales Tax is expected.
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