ISLAMABAD: The Federal Board of Revenue’s Directorate General of Intelligence & Investigation-Inland Revenue has detected evading taxes of millions of rupees by a paper and board mills in Gujranwala.
The intelligence wing of Inland Revenue found that the ‘taxpayer owner’ of the said unit was involved in use of undeclared bank accounts of its director and major shareholder Muhammad Ayub, to hide it’s book sales and purchases as well as payment of electricity bill and evading its income.
Muhammad Ayub, registered in Income Tax as salaried person, has declared its total income at Rs0.36m each for tax years 2011 & 2012, whereas amount credited in his bank accounts was Rs95.824m in tax year 2011 and Rs117.7m in tax year 2012.
Scrutiny of bank credit entries revealed that eighty parties, related to business of the Paper Mill, deposited money of more than Rs90m during each of tax years 2011 & 2012 in these undeclared bank accounts.
Moreover, payments of huge amounts were made through these accounts to major suppliers of the Paper Mill. The electricity bills of said paper mill were also paid through these concealed/benami bank accounts.
Expected loss of revenue for tax year 2011 is Rs63.77m including Rs31.88m of penalty and for tax year 2012 is Rs77.61m includingRs38.8m as penalty. Accordingly, Investigation Reports have been sent to Chief Commissioner-IR, RTO Gujranwala for adjudication and consequent recovery.
