RECORDER REPORT

ISLAMABAD: A team of Directorate of intelligence and investigation, inland revenue, Islamabad, under the supervision of Mehdi Hassan, Assistant Director, has conducted a raid on a leading business outlet in Rawalpindi involved in massive sales tax evasion.

Sources told Business Recorder here on Wednesday that the intelligence agency had received an intelligence report that the said outlet was involved in sales tax fraud and had caused a huge loss to the national exchequer. The outlet was dealing in garments for men, women and kids, home decorations, ladies bags and jewelleries and was not registered under the Sales Tax Act, 1990. All computers and files related to business accounts have been impounded.

According to preliminary investigation report from the intelligence wing of FBR, several undeclared bank accounts have been traced and the business concern had made tax evasions to the tune of millions of rupees. Investigations are under way and it is likely that criminal proceedings will be initiated against the owners of these business entities.