Startups that appeared in the first season of Shark Tank Pakistan are now under scrutiny by the Federal Board of Revenue (FBR) for alleged underreporting of financial figures. Ahmed Rauf Essa, CEO of Telemart, disclosed on LinkedIn that several startups have received tax notices and are facing legal challenges. Essa noted that some businesses reported less than 20% of their financials, prompting FBR’s actions.
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This situation underscores the need for professional financial management and tax compliance in the startup ecosystem. While some industry leaders view the development as a necessary push for transparency, others express concerns over its impact on innovation. Experts urge entrepreneurs to focus on accurate financial reporting to avoid complications, particularly when presenting on prominent platforms like Shark Tank Pakistan.
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