ByIslamabad, Pakistan: The Federal Board of Revenue (FBR) has registered a First Information Report (FIR) against a leading cement company, M/s Power Cement Limited, for alleged tax fraud worth Rs316 million.
The FBR’s investigation revealed that the company used fake invoices from fictitious entities to claim input tax credits and evade taxes. The investigation also implicated other companies involved in the supply chain. Pro Pakistani
The FBR has accused M/s Power Cement Limited of using fake invoices from M/s Al Junaid Impex, a non-existent company, to claim input tax credits. Other companies involved in the supply chain to M/s Power Cement Limited have also been found to have engaged in similar fraudulent practices.
The FBR has seized relevant documents and is conducting further investigations into the matter. The company faces potential penalties and legal action if found guilty of tax fraud.
M/s Power Cement Limited has denied any involvement in tax fraud and has stated that it has complied with all tax regulations. The company has pledged to cooperate with the FBR’s investigation and provide any necessary documentation.
