CBR vows to hunt down tax evaders in textile sector
25 Oct '06
1 min read
Even after several major steps taken by the Government, the textile industry continues to successfully evade tax.
Central Board of Revenue (CBR) facts show that the return filers are low and those who file them either claim losses or nil income.
Experts believe that the reason for this uncontrolled activity is the lack of resources and information to recognize and later charge the culprits.
Different processes in the textile business makes it difficult for tax collection.
CBR statistics further informs that indirect taxes from the high-income spinners dropped over 75 percent during the last financial year, as since the 2005-2006 firms cut down major imports of machinery.
For this financial year CBR is aggressively hunting down those leading companies that illegally evade taxes.
CBR also wishes to expand the direct tax collection, which even the registered enterprises try to avoid.
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