On Wednesday, the Enforcement Zone of the Large Taxpayers’ Office (LTO) in Islamabad seized Rs. 1 billion from Attock Refinery Limited for a sales tax default committed by the corporation.
According to credible sources, LTO Islamabad recovered a massive Rs. 1 billion via the attachment of bank accounts of Attock Refinery Limited in Rawalpindi.
The firm owes FBR Rs. 1 billion due to a sales tax delinquency, and the tax claim was made by LTO via an audit of the company’s books of accounts in accordance with Section 25 of the Sales Tax Act 1990.
LTO Islamabad discovered breaches of numerous sections of the sales tax legislation during the audit, and adjudication processes resulted in the passage of the Order, under which the claim for the evaded tax was raised.
Following the company’s loss on appeal, the whole tax demand of Rs. 1 billion was successfully recovered by bank attachment of the company’s bank accounts since the law allows for this method of recovery of any tax dues owed by a person registered in sales tax.