FBR on the Hunt for Tax Evading Educational Institutions
Tax evasion is one of the most common ill’s hammering at the economy of the country with many institutions finding ways to avoid paying any sort of tax. The Federal Board of Revenue (FBR) has in recent times beefed up its purist for Tax evading institutions and individuals.
The recent ire is marked for the Educational Institutions of the country. FBR has already directed all its wings to deal with cases in the following categories on a fast-track basis: cases in which tax related information has been received from foreign jurisdictions, cases identified and circulated by IR operations wing, cases emerging from discrepancy reports generated and circulated by the Directorate General of BTB.
FBR has also raided recently, the FBR raided a private school situated at Block 15, Gulistan-e-Jauhar- Karachi whose owner was maintaining multiple accounts other than those officially declared. Further probe into the matter revealed that the school was running a gym at its premises and the receipts from the gym remained undeclared.
New Source: dailytimes