ISLAMABAD: Advisor to Prime Minister on Interior and Accountability, Barrister Shahzad Akhbar says the Federal Board of Revenue has completed five year tax audit of sixty-nine Sugar Mills and a tax of about 588 billion rupees has been imposed on them.
Addressing a news conference in Islamabad today (Saturday), he pointed out that ten Sugar Mills have taken stays from different high courts against the tax audit.
The Advisor said the audit has contributed to doubling the tax revenue from Sugar Mills during the last fiscal year. He said a fine of forty-four billion rupees has also been imposed on Sugar Mills for cartelization.
Shahzad Akbar said 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.
He 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.