ISLAMABAD: The Federal Board of Revenue’s intelligence wing has decided to start probing into tax affairs of famous hotels in federal capital and Rawalpindi.
The Intelligence & Investigation-Inland Revenue took the decision after detecting tax evasion by a leading hotel in Islamabad.
The investigation revealed that the directors of the hotel, which is registered as a private limited company, are making assets in their personal name whereas the company declared either loss or very insignificant earnings in its financial statements.
The investigation into the case revealed that the company had been blatantly violating the accounting principles while managing its financial matters. The sources in the intelligence agency revealed that company had not only been maintaining its undeclared accounts but the personal bank accounts of the directors were also being used to park the proceeds of the sale of business.
The Director General of Intelligence & Investigation IR has directed the directorate to trace other similar cases where individuals use private limited companies for tax evasions and money laundering attempts and take serious actions against them.
