A cybersecurity breach at FBR results in billion-dollar tax evasion.

According to the Federal Trade Commission (FTO), the Federal Board of Revenue’s (FBR) cybersecurity systems failed, allowing taxpayers’ data to be compromised in a cyberattack and resulting in a tax fraud of Rs 14.66 billion.

The organization also revealed that hackers made use of holes in FBR’s security to carry out fictitious transactions totaling Rs 81.43 billion.

Rs 14.66 billion in taxes were lost as a result of these illegal transactions.

It was revealed last month that only 43% of the monthly objective had been met by the FBR in the first eighteen days of the month, indicating that the organization is having difficulty meeting its goals.

Details reveal that the Chief Commissioner of the Corporate Regional Tax Office received a letter from the FBR headquarters expressing worries about the poor rate of revenue collection.

In the letter, it was stated that increased efforts were required to meet goals, especially during the first quarter of the fiscal year.

The Corporate Regional Tax Office has also been instructed by the FBR to concentrate on collecting unpaid taxes and making sure that monthly sales tax reports are filed on time.

In order to stop tax evasion, the FBR has also emphasized how crucial it is to keep an eye on withholding agents. In order to reach the revenue targets and overcome the difficulties in tax collection, the FBR is generally advising its offices to step up their efforts.