Biscuit manufacturer found involved in over Rs 4bn tax evasion
- Assessment order was issued wherein an amount of Rs. 4.27 billion as sales tax along with default surcharge and 100 percent penalty for tax fraud was imposed upon the registered person, stated FBR.
Directorate General of IR, a department under the Federal Board of Revenue (FBR), has unearthed sales tax evasion of over Rs 4 billion against a biscuit company in Lahore.
As per details, the Directorate of Intelligence & Investigation (IR), Lahore on receipt of credible information related to sales tax fraud carried out the action under Section 38 read with Section 40 of the Sales Tax Act, 1990 against M/s. Innovative Biscuits (Pvt.) Limited. Lahore.
An assessment order was issued wherein an amount of Rs. 4.27 billion as sales tax along with default surcharge and 100 percent penalty for tax fraud was imposed upon the registered person, stated FBR.
Accordingly, accused Sheikh Munir Hussain, one of the Directors of M/s Innovative Biscuits (Pvt.) Limited. was arrested. Due to proper presentation of the case by the Directorate of Intelligence & Investigation (IR). Lahore, two bail applications filed by the accused were rejected by Special Judge.
Subsequently, the accused filed another application for bail before Lahore High Court. The Lahore High Court, Rawalpindi Bench, Rawalpindi granted post-arrest bail to the petitioner on a deposit of an amount of Rs. 300 million and submission of post-dated cheque of Rs. 100 million.
The legal process is underway against the accused.
During the current Financial Year from July-2020 to April 2021, the Directorate General has forwarded 1210 Investigation Reports involving revenue of Rs. 197,714 million to the field formations.
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