Karachi: The Federal Board of Revenue (FBR) has reported on massive tax evasion in finances of the fashion designers following an initial investigation into the returns filed by them, according to news sources.
To this effect, a tax official has stated that notices have been issued to the fashion/apparel designers who misreported their sales. Deputy Commissioner (Inland Revenue) of Regional Tax Office – II (Karachi) Sardar Ali Solangi said that income returns revealed that a number of these fashion designers pay very meagre sums in taxes. DC Solangi said the declared incomes of these designers do not commensurate with their receipts.
Initially, the tax department detected financial anomalies in the finances of some 24 dress designers, and notices are being issues to these apparel makers. FBR will reveal more information in this regard after conducting a thorough audit. It is expected that huge revenues will be collected through this exercise.
Currently, tax bodies have
accelerated their revenue collection efforts in a bid to meet the PKR 5.23
trillion target set for this fiscal year (FY 2019-20).
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
