Tuesday, March 5, 2024

Rs. 588 billion tax imposed on 69 sugar mills after 5 years audit.

Shahzad Akbar, the Prime Minister’s Adviser on Accountability, said the Federal Board of Revenue (FBR) slapped a Rs588 billion levy on 69 sugar mills after a five-year audit.

According to Akbar, the revenue from sugar mills was doubled in the previous fiscal year as a result of the audit. He stated that at least ten mills have petitioned the high courts to obtain a stay order.

According to Akbar, the government also fined the mills Rs44 billion for cartelization.

Before the next crushing season, the government will implement track and trace systems in the mills to combat tax evasion and regulate sugar production, according to Akbar.

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