LAHORE: The Federal Board of Revenue has confiscated many properties of Sika Paints Group’s owners as they were defaulters in Rs740million.
Owners of Sika Paints were involved in the tax evasion. Sika Paints has been defaulter from 2013 to 2016. The FBR had also issued arrest warrant for Javed Iqbal. Sources said the Federal Board of Revenue had issued many notices to Sika Paints but it did not pay any attention to solve the issue of heavy tax amount.
The FBR has sealed 107 kanal properties of three directors of Sika Group. Sources have told CT that the FBR has also written a letter to the Chief Traffic Officer Lahore to impound the costly vehicles of Sika Paints. The FBR had got the record of the vehicles from the Excise Punjab.
About 73 kanals of costly property sealed by the FBR belongs to Muhammad Javed Ibal, Director of Sika Group. About seven kanal property belongs to Muhammad Asif Iqbal who is also a Director of Sika Group. In case of non-payment of taxes and for not submission of their reply to the FBR, their more properties will be sealed in the coming days.
The FBR has also written to interior ministry to include the names of directors of Sika paints in the Exit Control List (ECL). The FBR will offer confiscated properties of Sika Paints for auction at July 10.
On the directions of Commissioner Aftab Alam, Deputy Commissioner Neelam Afzal conducted this operation against the said group.
