ISLAMABAD: Federal Board of Revenue’s Intelligence & Investigation (I&I) Inland Revenue has uncovered a tax scam worth Rs215.85 million by a ghee company.
Sources said that M/S Ikram Yaqoob Oil & Ghee Industries (Pvt) Limited, having registered office situated at Plot No 7/2-B, Phase-I&II, Industrial Estate, Hattar and manufacturing facility at Plot No 229/3, Sector No. 5, Korangi Industrial Area, Karachi, has been claiming tax credit/exemptions on the basis of declaring inaccurate particulars of income.
The company applied to CIR, Zone-I, RTO, Abbottabad requesting for acceptance of their claim for entitlement to tax credit u/s 65D of the Income Tax Ordinance, 2001 for a period of five years on December 12, 2013 and were issued exemption for import of raw material to be used in production of ghee & vegetable oil in the newly-established industrial unit.
However, the revenue authority’s intelligence wing decided to investigate the company’s claim and found that the firm has been presenting its case as a new industrial undertaking and furnished false documents to prove that a new building.
It was found that the owners mislead the department into believing that they qualify for tax credit u/s 65D and consequent exemption certificate whose revenue impact stands at Rs1.01 billion. The imports of Rs2,975.42 million have been made wherein unpaid tax u/s 148 stands at Rs215.85 million.
