{"id":69170,"date":"2025-03-27T10:50:18","date_gmt":"2025-03-27T05:50:18","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=69170"},"modified":"2025-03-27T10:50:18","modified_gmt":"2025-03-27T05:50:18","slug":"fbr-seals-three-luxury-watch-shops-in-karachi-amid-tax-fraud","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/pakistan\/fbr-seals-three-luxury-watch-shops-in-karachi-amid-tax-fraud\/","title":{"rendered":"FBR seals three luxury watch shops in Karachi amid tax fraud"},"content":{"rendered":"<p>KARACHI: The <a href=\"https:\/\/dailyausaf.com\/en\/business\/fbr-extends-deadline-for-sales-tax-excise-returns-to-march-27\/\">Federal Board of Revenue<\/a> (FBR) has taken action against three luxury watch <span class=\"diff-highlight\">stores<\/span> in Karachi <span class=\"diff-highlight\">for<\/span> tax <span class=\"diff-highlight\">fraud<\/span> and <span class=\"diff-highlight\">for<\/span> <span class=\"diff-highlight\">not<\/span> <span class=\"diff-highlight\">utilizing<\/span> the Point of Sale (POS) system.<\/p>\n<p><span class=\"diff-highlight\">The<\/span> FBR <span class=\"diff-highlight\">says<\/span> these businesses <span class=\"diff-highlight\">have<\/span> <span class=\"diff-highlight\">significantly<\/span> <span class=\"diff-highlight\">underreported<\/span> sales, <span class=\"diff-highlight\">reflecting<\/span> a\u00a0<span class=\"diff-highlight\">total<\/span> <span class=\"diff-highlight\">stock<\/span> <span class=\"diff-highlight\">value<\/span> <span class=\"diff-highlight\">of<\/span> <span class=\"diff-highlight\">just<\/span> Rs. 40 million <span class=\"diff-highlight\">but<\/span> <span class=\"diff-highlight\">made<\/span> <span class=\"diff-highlight\">total<\/span> sales <span class=\"diff-highlight\">of<\/span> Rs. 700 million.<\/p>\n<p><span class=\"diff-highlight\">Because<\/span> <span class=\"diff-highlight\">of<\/span> <span class=\"diff-highlight\">this<\/span><span class=\"diff-highlight\">,<\/span> <span class=\"diff-highlight\">the<\/span> <span class=\"diff-highlight\">businesses<\/span> <span class=\"diff-highlight\">owe<\/span> <span class=\"diff-highlight\">the<\/span><a href=\"https:\/\/dailyausaf.com\/en\/business\/fbr-extends-deadline-for-sales-tax-excise-returns-to-march-27\/\"> <span class=\"diff-highlight\">FBR<\/span> <span class=\"diff-highlight\">taxes<\/span><\/a> <span class=\"diff-highlight\">in<\/span> <span class=\"diff-highlight\">the<\/span> <span class=\"diff-highlight\">amount<\/span> of Rs. 180 million <span class=\"diff-highlight\">(<\/span>the sales tax on luxury watches <span class=\"diff-highlight\">is<\/span> <span class=\"diff-highlight\">25<\/span><span class=\"diff-highlight\">%<\/span><span class=\"diff-highlight\">)<\/span>. The FBR has seized business records and <span class=\"diff-highlight\">stated<\/span> <span class=\"diff-highlight\">it<\/span> <span class=\"diff-highlight\">will<\/span> <span class=\"diff-highlight\">take<\/span> action against <span class=\"diff-highlight\">individuals<\/span> <span class=\"diff-highlight\">it<\/span> <span class=\"diff-highlight\">believes<\/span> <span class=\"diff-highlight\">are<\/span> <span class=\"diff-highlight\">actively<\/span> <span class=\"diff-highlight\">avoiding<\/span> <span class=\"diff-highlight\">taxes<\/span>.<\/p>\n<p>This is part of the FBR<span class=\"diff-highlight\">\u2019<\/span>s <span class=\"diff-highlight\">larger<\/span><span class=\"diff-highlight\">,<\/span> <span class=\"diff-highlight\">more<\/span> <span class=\"diff-highlight\">widespread<\/span> <span class=\"diff-highlight\">initiative<\/span> to <span class=\"diff-highlight\">address<\/span> tax evasion and ensure compliance<span class=\"diff-highlight\">.<\/span> <span class=\"diff-highlight\">The<\/span> <span class=\"diff-highlight\">FBR<\/span> <span class=\"diff-highlight\">conducted<\/span> a similar <span class=\"diff-highlight\">initiative<\/span> last year <span class=\"diff-highlight\">which<\/span> uncovered <span class=\"diff-highlight\">an<\/span> <span class=\"diff-highlight\">even<\/span> <span class=\"diff-highlight\">larger<\/span> <span class=\"diff-highlight\">scheme<\/span> <span class=\"diff-highlight\">for<\/span> <span class=\"diff-highlight\">avoiding<\/span> <span class=\"diff-highlight\">the<\/span> <span class=\"diff-highlight\">payment<\/span> <span class=\"diff-highlight\">of<\/span> <span class=\"diff-highlight\">taxes<\/span><span class=\"diff-highlight\">,<\/span> <span class=\"diff-highlight\">in<\/span> <span class=\"diff-highlight\">which<\/span> <span class=\"diff-highlight\">the<\/span> <span class=\"diff-highlight\">FBR<\/span> <span class=\"diff-highlight\">discovered<\/span> <span class=\"diff-highlight\">duty<\/span> <span class=\"diff-highlight\">avoided<\/span> <span class=\"diff-highlight\">on<\/span> <span class=\"diff-highlight\">goods<\/span> <span class=\"diff-highlight\">valued<\/span> <span class=\"diff-highlight\">at<\/span> Rs. 3.7 billion, <span class=\"diff-highlight\">which<\/span> <span class=\"diff-highlight\">were<\/span> <span class=\"diff-highlight\">sold<\/span> <span class=\"diff-highlight\">under<\/span> <span class=\"diff-highlight\">the<\/span> duty-free <span class=\"diff-highlight\">zone<\/span> for FATA and PATA.<\/p>\n<p>The audit <span class=\"diff-highlight\">discovered<\/span> <span class=\"diff-highlight\">the<\/span> imported goods were <span class=\"diff-highlight\">being<\/span> sold outside <span class=\"diff-highlight\">of<\/span> <span class=\"diff-highlight\">the<\/span> <span class=\"diff-highlight\">permitted<\/span> <span class=\"diff-highlight\">area<\/span> <span class=\"diff-highlight\">for<\/span> <span class=\"diff-highlight\">sale<\/span> <span class=\"diff-highlight\">and<\/span> <span class=\"diff-highlight\">use<\/span>, <span class=\"diff-highlight\">in<\/span> <span class=\"diff-highlight\">violation<\/span> <span class=\"diff-highlight\">of<\/span> <span class=\"diff-highlight\">customs<\/span>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>KARACHI: The Federal Board of Revenue (FBR) has taken action against three luxury watch stores in Karachi for tax fraud and for not utilizing the Point of Sale (POS) system. The FBR says these businesses have significantly underreported sales, reflecting a\u00a0total stock value of just Rs. 40 million but made total sales of Rs. 700 [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":69171,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[131,27423],"class_list":["post-69170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pakistan","tag-fbr","tag-three-luxury-watch-shops-sealed"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/69170","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=69170"}],"version-history":[{"count":1,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/69170\/revisions"}],"predecessor-version":[{"id":69172,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/69170\/revisions\/69172"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/69171"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=69170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=69170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=69170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}