FBR completes 5-year tax audit of 69 sugar mills: Shahzad Rs588 billion tax imposed on sugar mills

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Observer Report
Islamabad

Advisor to Prime Minister on Interior and Accountability, Barrister Shahzad Akhbar has said that five-year tax audit of 69 sugar mills has completed by Federal Board of Revenue after which a tax of about 588 billion rupees has been imposed on them.

Addressing a news conference in Islamabad on Saturday, the Advisor pointed out that ten sugar mills have taken stays from different high courts against the tax audit.

Shahzad Akbar said the audit has contributed to doubling the tax revenue from Sugar Mills during the last fiscal year. A fine of forty-four billion rupees has also been imposed on sugar mills for cartelization, he added.

He further stated that track and trace system will be installed in sugar mills before the next crushing season in order to determine their actual production and avoid tax evasion.

Shahazad Akbar said that an inquiry was also conducted into the shortage of petroleum products last year and fine was imposed on the oil marketing companies involved in the shortage of petroleum products.

Two thousand illegal petrol stations have been shut down, which has resulted in the increase of the sale of PSO, the Advisor concluded.

Commenting on last year’s fuel crisis, the PM’s adviser said that an inquiry was also conducted into the shortage of petroleum products last year and a fine was imposed on oil marketing companies involved in the shortage of petroleum products.

The government has launched a crackdown on sugar mills over the price of the commodity. On Friday, the PM ordered action against millers and hoarders over the hike in the price of sugar.

Chairing a review meeting on the selling price and hoarding of sugar, the premier had also ordered ensuring the implementation of the track and trace system of mills to ascertain the production volume of the commodity.

“The government will take strict action against profiteers, who are enemies of the poor masses,” PM Imran had remarked.

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