FBR Cybersecurity Breach Results in Rs 14.66 Billion Tax Loss, FTO Discloses

In a shocking revelation, the Federal Tax Ombudsman (FTO) disclosed that the cybersecurity infrastructure of the Federal Board of Revenue (FBR) has failed, resulting in a massive tax fraud of Rs 14.66 billion. According to the latest reports, this FBR cybersecurity breach compromised taxpayersโ€™ data and uncovered severe vulnerabilities in the security systems.

According to FTO, cybercriminals exploited the security weaknesses. Moreover, they carried out fraudulent transactions totaling a massive Rs 81.43 billion. The fake transactions resulted in a direct tax loss of Rs 14.66 billion, vending a severe blow to Pakistanโ€™s revenue collection efforts.

FTO Reveals Massive Rs 14.66 Billion Tax Fraud Following FBR Cybersecurity Breach

The FBR breach has raised alarms about the integrity of the FBRโ€™s cybersecurity protocols. People are quite concerned about how such a large-scale fraud went undetected. The compromised data and the extent of the fraudulent transactions highlight the urgent need for strong cybersecurity measures within Pakistanโ€™s primary tax collection agency.

This revelation is another challenge for the FBR, which has been stumbling to meet its monthly revenue targets. Last month, FBR reportedly managed to achieve only 43% of its target in the first 18 days of the month, further compounding its hardships. In response to this shortfall, FBR headquarters issued a letter to the Chief Commissioner of the Corporate Regional Tax Office, questioning the slow pace of revenue collection. The letter emphasized the need to strengthen efforts, especially in the first quarter of the financial year, to retrieve unpaid taxes and ensure the timely filing of monthly sales tax returns.

Additionally, FBR has directed its offices to concentrate on key areas like recovering outstanding taxes and closely monitoring withholding agents to stop further tax evasion. Now, the need to strengthen revenue collection efforts has become even more critical as the agency works to achieve its targets and address vulnerabilities exposed by the recent cyberattack. The FBRโ€™s failures highlight an urgent need for improved systems. Other wise, it will struggle to protect taxpayersโ€™ data and ensure the countryโ€™s financial stability.

Check Out: phoneworld.com.pk/fbr-imposes-11-custom-duty-on-4g-mifi-and-mobile-wifi-modems/

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Laiba Mohsin

Laiba is an Electrical Engineer seeking a placement to gain hands-on experience in relevant areas of telecommunications. She likes to write about tech and gadgets. She loves shopping, traveling and exploring things.

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