LAHORE: The Federal Board of Revenue will auction the confiscated properties of Sika Paints Company on July 10, 2017, sources confirm to Customs Today.
The Federal Board of Revenue has also decided to confiscate many properties of the said industrial group’s owners as they are defaulters of Rs740million.
Owners of Sika Paints were involved in tax evasion. Sika Paints has been defaulter of income tax from fiscal year 2013 to 2016. The FBR had also issued arrest warrants for Javed Iqbal and Muhammad and a special team has also been formed to arrest them. Sources said the FBR had issued many notices to Sika Paints but it did not pay any attention to them.
The FBR has sealed 107 kanal properties of three directors of Sika Group. Sources have told Customs Today that the FBR has also written a letter to the Chief Traffic Officer Lahore to seize the costly vehicles of the company. The FBR has also got the record of the vehicles from the Excise Department Punjab.
The FBR has also written a letter to the Interior Ministry to put the names of directors of Sika Paints on the Exit Control List (ECL).
