The FBR had recently audited many sugar mills and generated more than 200 billion Rupees tax from only a few sugar mills. Now the FBR are considering similar action against urea, automobile and cement manufacturers.

In all cases unfortunately I know FBR will find suppression of sales to pay less tax, cartelization of prices and cooked financial books. Since most of these companies are public listed companies, therefore I think besides imposing fines and collecting due tax the FBR should also report these companies to PSX.

Public listed companies have their financial record audited by third parties. Besides tax, they also have a responsibility to be truthful to its shareholders and pay profits to their shareholders. By showing suppressed sales and suppressed profits, these companies are also stealing the profit of shareholders.

PSX should investigate the audited record of these companies and if found at fault, a new auditor should re-audit the records, while the old auditor should be blacklisted and banned from auditing government and Public Listed Companies in the future. With better check and balance for public listed companies at PSX, most of the problems with suppressed sales would be resolved at least for the listed companies.

SHAHRYAR KHAN BASEER P.ENGR.,

Peshawar.