The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has hailed the decision of Central Board of Revenue (CBR) to empower its directorate of intelligence to check sales tax frauds.
FPCCI Standing Committee on Sales Tax Chairman Sheikh Shakeel Ahmed Dhingra, in a statement issued here on Thursday, said this decision would help in improving monitoring of sales tax system. It was very essential amid the reports that sales tax refunds of billions of rupees had been refunded fraudulently to non-existent entities due to which genuine exporters were facing difficulties in settling their refunds, he said.
The reported fraud in billions of rupees in very recent past could invite the attention of many irrelevant agencies to initiate investigation CBR had, thus, taken good decision to initiate investigation through its own wing which would not only check the fraudulent refunds but also would facilitate genuine businessmen.