FBR Recovers Rs. 840 Million from From Prominent Lahore-Based Leather Manufacturer

The Federal Board of Revenue (FBR) has recovered more than Rs. 840 million from a prominent leather manufacturing company, ATS Synthetics, after freezing its bank accounts. Sources told ProPakistani that the taxpayer, who is a famous businessman and also remained in key positions in Lahore Chamber, had paid a reduced rate of tax on bank profit, whereas profits exceeding Rs. 5 million were liable to be taxed at the normal rate under the relevant tax laws. Upon scrutiny, it was found that the company had underpaid its due taxes. Sources also said that the Commissioner (Appeals) Lahore also upheld the department’s stance, confirming that the company was liable to pay the additional tax amount. Following this decision, the Corporate Tax Office, Lahore, proceeded with the recovery by freezing the company’s bank accounts and successfully depositing the recovered funds into the national exchequer. The accused individual is currently the Chief Executive Officer at NIMIR Chemicals Pakistan Limited.   He also holds directorships in Nisar Spinning Mills (Pvt) Limited and Pakistan Vinyl Industries. The individual was honored as the leading taxpayer in Pakistan in 2014. He is also invested in other industries like  Textile Spinning, Artificial and Synthetic Leather, Plastic, and Chemicals. It is pertinent to note that Chairman FBR has ordered all field formations to increase their efforts for the recovery of taxes. The FBR headquarters has also shared precise details of taxpayers who have underpaid their taxes. Meanwhile, the FBR chairman is also visiting Karachi for the achievement of the November 2025 target. The FBR tax revenue shortfall during the first four months was recorded at Rs. 274 billion.