HYDERABAD: The Federal Board of Revenue Regional Tax Office (RTO) Hyderabad has registered cases against not only the owners but also the chief financial officers, directors of dummy companies who use fake invoices and false documents in the input adjustment for the sales tax returns.
Commissioner Naib Ali, Additional Commissioner Sajid Arain, Deputy Commissioner Akhtar Hussain along with CFOs and directors of various companies in Hyderabad region participated in an awareness seminar presided over by Chief Commissioner Inland Revenue Dr Khalid Malik at the RTO Hyderabad.
At the beginning of the seminar, the authorities concerned were briefed under a presentation, after which Commissioner Inland Revenue Agha Naib Ali said that owners used to get ID cards from voter list, including Benazir Income Support Programme (BISP) in Hyderabad region. Secondly, needy employees are hired on low wages and show fake companies and flying input adjustment to hide sales taxes from the government, in which they are completely trapped.
He briefed that CFOs, financial advisors and directors also help in fake and flying input adjustment system to benefit the owners. In such cases, fraud is detected in FBR’s assessment process, and through this not only the owners were caught, but now the CFO and directors would also be caught by the law.
The Inland Revenue chief commissioner said that after the enforcement of the FBR sytem, there has been a significant reduction in fake and flying input adjustment system and sales tax evasion.
He said that since July 2023, 10 people involved in sales tax fake and flying input adjustment have been arrested in Hyderabad region due to which the national exchequer has suffered a loss of Rs6 billion, adding that the revenue collector has recovered Rs100 million and more cases are being worked on. He said that the owners of some companies for higher profits create fake companies to make flying transactions as well as show fake and flying input adjustment of input cost in manufacturing the product, which causes a loss of billions of rupees to the national exchequer, adding that those who do so would now be dealt with severely.
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