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Tuesday, April 30, 2019

FBR finds #Hascol Petroleum involved in tax fraud of Rs3.9 billion - Via Profit

FBR finds Hascol Petroleum involved in tax fraud of Rs3.9 billion



ISLAMABAD: Hascol Petroleum Limited, a company engaged in the purchase, storage and sale of petroleum products, is committing tax fraud to the tune of Rs3.9 billion, it emerged on Monday.

Documents available with Pakistan Today state that Hascol Petroleum Limited has concealed and evaded sales tax amounting to Rs 3.6 billion and further tax amounting to Rs279 million. Scrutiny of record/data available for the period from July 2016 to December 2018 of sales tax returns-cum-payment challans revealed that M/s Hascol petroleum has declared self-sales by issuing flying invoices in the name of M/s Hascol Petroleum Limited to conceal further tax on supplies of lubricants and other related items.

Hascol, however, denies any wrongdoing.

The company has shown Rs13 billion sales value, Rs2.5 billion sales tax and there is Rs279 million further tax involved, documents stated.

On the basis of the above mentioned facts, Hascol has short paid further tax amounting to Rs279 million.

Further scrutiny of sales returns for the period July 2018 to March 2019 vis-à-vis July 2017 to March 2018 revealed certain anomalies that total purchase have increased by 15 per cent for the period of July 2018 to March 2019 as compared to corresponding period of last year. However, total sales only increased at 5 per cent for the same period.

If the purchases increased by 15 per cent, then sales should have increased by approximately 15 per cent as well. The trend shows that the registered person is evading supplies by accumulating into carry forward of input tax which resulted in short payment of sales tax.

It further stated that Section 21(2) of the Sales Tax Act, 1990 read rule 12(a)(i) of the Sales Tax Rules, 2006 clearly stipulates that the commissioner having jurisdiction, if satisfied that the registered person has issued fake invoices or has committed tax fraud, the registration of such person may be suspended by the commissioner through system without prior notice, pending further inquiry.

“In the light of above stated facts and in exercise of powers conferred under section 21(2) of the sales tax act, 1990 read with rule 12(a)(i) of the sales tax rules, sales tax registration of above mentioned registered person is hereby suspended with immediate effect and until finalisation of the proceedings. Furthermore , the tax payers will be considered as non-active taxpayers as per provision of rule 12A read with clause (1) of section 2 of sales tax act 1990,” the document said.

Attempts were made to reach out to the owner of Hascol Petroleum for clarification but no response was received.

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