ISLAMABAD, Jan 10: Audits carried out by the Federal Board of Revenue (FBR) have established that an amount of Rs262 million has to be recovered as duty and taxes against illicit trade of tobacco and cigarettes, the board announced on Thursday.
The recoverable amount was assessed after the intelligence and investigation arm of FBR Inland Revenue unearthed tax evasion in cigarette manufacturing and sales during the last six months (July-December) of the current fiscal year.
FBR says that millions of untaxed cigarettes have been confiscated and the business concerns sealed. The confiscated cigarettes include both local and foreign brands.
As part of its drive to detect untaxed cigarettes, the anti-illicit tobacco and cigarette unit has raided a tobacco factory near Sargodha and seized 1,100,000 cigarettes and sealed the cigarette manufacturing machinery.
The value of the cigarettes seized, on which duty had not been paid, is assessed at Rs11,57,200.—Our Reporer