The Federal Board of Revenue (FBR) has successfully recovered Rs840 million from ATS Synthetics, a prominent Lahore-based leather manufacturing company, after freezing its bank accounts over underpaid taxes.
According to sources, the taxpayer a well-known businessman who has held key positions in the Lahore Chamber of Commerce paid a reduced tax rate on bank profits, whereas profits exceeding Rs5 million should have been taxed at the normal rate under the law. Upon scrutiny, FBR found that the company had underpaid its due taxes.
The Commissioner (Appeals) Lahore upheld the FBR’s stance, confirming the company’s liability to pay the additional tax. Following the ruling, the Corporate Tax Office, Lahore, proceeded with the recovery by freezing the firm’s accounts and transferring the funds to the national exchequer.
An FBR official said,
“This recovery reflects our strong commitment to ensuring tax compliance and holding even influential taxpayers accountable under the law.”
The businessman, currently serving as the CEO of NIMIR Chemicals Pakistan Limited and holding directorships in multiple companies, was previously recognized as a leading taxpayer in 2014.
This action aligns with FBR Chairman’s directive to intensify tax recovery efforts nationwide amid a Rs274 billion shortfall recorded in the first four months of FY2025–26. The Chairman is also visiting Karachi to review progress on meeting the November 2025 revenue target.