KARACHI: Federal Tax Ombudsman (FTO) revealed that cyber security of Federal Board of Revenue (FBR) has failed, resulting in tax fraud of Rs 14.66 billion.

FTO has revealed that taxpayers’ data was compromised in cyberattack, leading to tax fraud of Rs 14.66 billion due to failure of Federal Board of Revenue’s cybersecurity systems.

Institution further disclosed that cybercriminals exploited vulnerabilities in FBR’s security, conducting fake transactions worth Rs 81.43 billion. These fraudulent transactions resulted in significant tax loss of Rs 14.66 billion.

Last month, it was reported that FBR is facing challenges in achieving its monthly targets, with only 43 percent of target achieved in first 18 days of month.

As per details, FBR headquarters has issued letter to Chief Commissioner of Corporate Regional Tax Office, mentioning concerns over slow pace of revenue collection. Letter mentioned need to enhance efforts to achieve targets, particularly in first quarter of financial year.

Additionally, FBR has stressed importance of monitoring withholding agents to prevent tax evasion. Overall, FBR is urging its offices to intensify their efforts to meet revenue targets and address challenges in tax collection.

Published in The Daily National Courier, October, 09 2024

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