Customs intelligence detects income tax, sales tax evasion

Lahore:The directorate of Customs Intelligence and Investigation has detected income tax and sale tax evasion and recovered Rs 60 million from fraudulent companies.  Official sources told APP here Sunday that it was brought to the notice of DG Customs Intelligence Lutfullah Virk that two companies named Apex International and Liberty International got fraudulently registered under sale tax as manufacturing units and availed two per cent income tax and two per cent additional sale tax exemption on import of cloth from India.
On the DG intelligence instructions, Director Customs Intelligence, Lahore Mukarram Jah deputed Additional Director, Asad Raza Rizvi and Deputy Director, Rizwan Salabat to examine the case thoroughly in the light of the SRO-1125.
On suspicion, Intelligence Officer Mian Muhammad Yasin conducted physical inspection of the units and detected tax evasion for not being manufacturing units and subsequently defaulting companies were served notices for immediate the payment of tax evasion of Rs 60 million to national exchequer. The directorate has moved two separate applications to Collector, Adjudication, Lahore for imposing heavy penalty to both fraudulent companies for concealing facts.–APP

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