SIFC orders tax audit of urea cos

The Apex Committee (AC) of Special Investment Facilitation Council (SIFC) has ordered the Federal Board of Revenue (FBR) to conduct tax audit of urea/fertilizer companies to review the tax invoices on income earned by urea sellers and dealers against the quantity of urea sold/ distributed to farmers, well informed sources told Business Recorder.

These directives were issued at a time when farmers were getting urea on exorbitant rates across the country due to alleged connivance of dealers and local urea manufactures.

According to a report prepared by the caretaker Minister for Power and Petroleum, Muhammad Ali, fertilizer companies are making huge profits due to stagnancy in gas prices for the fertilizer sector.