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The Federal Board of Revenue (FBR) has sealed three luxury watch outlets in Karachi for alleged tax evasion, officials confirmed.
The Large Tax Office (LTO) of the FBR initiated the crackdown due to non-compliance with the Point of Sale (POS) system.
According to ARY News reports, the tax filers declared stocks worth Rs40 million, but sales records revealed transactions amounting to Rs700 million.
With a 25 percent sales tax applicable on luxury watches, the estimated tax liability stands at Rs180 million.
READ: PTA urges travelers to pay FBR taxes for mobile registration
The FBR has also seized business records from these stores and warned of strict action against tax evaders.
This operation follows last year’s discovery of a major tax evasion case in Karachi, where goods worth Rs3.7 billion were illegally sold under a tax exemption meant for FATA and PATA.
Customs officials found that duty-free imports intended for these regions were illicitly distributed elsewhere, violating customs laws.
The FBR has reaffirmed its commitment to enforcing tax regulations and cracking down on financial misconduct.
