MULTAN: The Federal Board of Revenue (FBR) Regional Tax Office (RTO) has confiscated the record of M/s Asad Enterprises and detected tax evasion of almost Rs 50 million during scrutiny.
Sources told Customs Today that RTO was investigating against M/s Asad Enterprises due to tax evasion. The RTO has served several tax notices to M/s Asad Enterprises for tax matters but they were not cooperating.
The Regional Tax Office Multan took action against M/s Asad Enterprises office located in the Industrial Estate area and raided on the premises of M/s Asad Enterprises. Said company was edible oil importer and supplied to different cooking oil to different companies of South Punjab.
The Federal Board of Revenue has found discrepancy in their tax record and they were issued several notices for it but they never responded to any notice. Chief Commissioner Regional Tax Office Abid Raza Bodhla has directed Additional Commissioner Multan Zone Zahida Sarfraz to take action against them. Assistant Commissioner Fayaz Loother along with Inland Revenue Inspector Rana Taj, Inspector Ghulam Hussain and others raided the office and confiscated the sales purchase books, bank details, ledgers, inventory record, laptops and other necessary documents
Sources told Customs Today, M/s Asad Enterprises were allegedly involved in Rs 50 million taxes under the head of Sales tax and they were also involved in smuggling of edible oil from Iran. They said the company smuggled edible oil to different manufacturers of Cooking Oil in the jurisdiction.
After detecting the tax evasion from said company, Multan customs is also considering to take stern legal action against the said company. The investigations are still underway against them.
