NAB probes into dropped tax collection from tobacco industry – Research Snipers

NAB probes into dropped tax collection from tobacco industry

nab

After the introduction of 3 tier tax system by FBR the tax collection fell by Rs33 billion, NAB has started an investigation for massive tax drop.

NAB has ordered its awareness and prevention wing to probe into the matter of falling tax collection from the major contributor “The tobacco industry”, according to the details provided by Express Tribune, NAB’s awareness and prevention wing will collaborate with the Federal Bureau of Revenue (FBR) to find out the main reasons for short tax collection.

NAB’s watchdog has been ordered to collect relevant data and documents from the tax regulator and confirm the facts and figures. After conducting the initial inquiry the watchdog will forward its finding to NAB Rawalpindi.

NAB Rawalpindi will decide after the initial report whether to the extent the investigation for deeper insights or not, said the sources.

NAB has directed the Federal Bureau of Revenue (FBR) to appoint a responsible and helpful person for this ongoing investigation with its wing, the matter is serious and involves billions of rupees in tax collection.

The Public Accounts Committee (PAC) and the standing committee on finance & health have also taken the notice of gigantic fall in tax collection after introducing the 3-tier tax system in May 2017.