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Rs310b annual tax evasion by five sectors
National
May 27, 2021
ISLAMABAD: Tax evasion and illegal trade in five sectors - tea, tyres & auto lubricants, pharmaceuticals, illicit cigarettes and real estate - are inflicting a whopping annual loss of Rs 310bn to the country’s exchequer.
The annual loss to the national kitty because of tax evasion in the tea industry was estimated to stand at Rs35b; in the tyres and auto-lubricants industry Rs90b; in the pharmaceutical industry Rs 45bn; in the illegal tobacco trade Rs80b;; and in the real estate sector to be Rs60b, says a research paper by IPSOS, which is headquartered in Paris and has a direct presence in 90 major markets with operations in 120 countries.