| Welcome to Global Village Space

Thursday, February 15, 2024

FBR investigating Rs. 197,714 million tax evasion matters

The Federal Board of Revenue (FBR) unearthed Rs. 4.27 billion tax fraud among other tax evasions.

Directorate General Intelligence and Investigation (IR), Lahore on Monday unearthed the amount of Rs. 4.27 billion tax evasion in Lahore.

The Directorate of Intelligence and Investigation (IR), Lahore on receipt of credible information related to sales tax fraud carried out the action under Section 38 read with Section 40 of the Sales Tax Act, 1990 against M/s. Innovative Biscuits (Pvt.) Limited Lahore, said a press release issued by FBR here.

An assessment order was issued wherein an amount of Rs. 4.27 billion as sales tax along with default surcharge and 100% penalty for tax fraud was imposed upon the registered person.

Read more: PM Khan applauds FBR’s effort as tax collection exceeds targets

Accordingly, an accused – one of the Directors of M/s Innovative Biscuits (Pvt.) Limited Sheikh Munir Hussain was arrested.

Due to the proper presentation of the case by the Directorate of Intelligence and Investigation (IR) Lahore, two bail applications filed by the accused were rejected by Special Judge.

Subsequently, the accused filed another application for bail before Lahore High Court. The Lahore High Court, Rawalpindi Bench, Rawalpindi granted post-arrest bail to the petitioner on a deposit of an amount of Rs. 300 (Million) and submission of post-dated cheque of Rs. 100(Million).

Read more: FBR takes notice of ‘highly extravagant’ Lahore wedding’s video circulating online

The legal process is underway against the accused.

Directorate General of Intelligence and Investigation-IR has performed commendably well in the current Financial Year from July-2020 to April 2021.

The Directorate General has forwarded 1210 Investigation Reports involving revenue of Rs. 197,714 million to the field formations.

The Directorate General conducted 40 raids where estimated revenue amounting to Rs. 761 million is involved.

Read more: FBR’s Track & Trace system crucial to check mass tax evasion: PM Khan

Directorate General filed 67 complaints under Anti-Money Laundering Act, 2010 against 75 accused persons involving Rs. 55.385 million. Directorate General also seized 6667 cartons of illegal cigarettes.

Courtesy: APP