FBR takes action against biscuit company for tax evasion of over Rs4bn

ISLAMABAD: The Federal Board of Revenue’s (FBR) directorate of Intelligence and Investigation (IR), Lahore has carried out action against M/s Innovative Biscuits Pvt. Ltd. after receiving information related to sales tax fraud.

Officials privy to the matter said that an amount of Rs4.27 billion as sales tax, along with default surcharge and 100 per cent penalty for tax fraud was imposed on the person, Sheikh Munir Hussain, under whom the company is registered.

Hussain, one of the directors of Innovative Biscuits was arrested whereas two bail applications filed by him were rejected by a special judge as the directorate presented evidence supporting their claim.

Subsequently, the accused filed another application for bail before Lahore High Court (LHC) after which LHC Rawalpindi Bench granted post arrest bail to the petitioner on the deposit of Rs300 million and submission of a postdated cheque of Rs100 million.

The legal process against the accused is currently underway.

It may be noted that during the current financial year (FY21), the directorate general has forwarded 653 Investigation reports involving revenue of Rs197,714 million to field formations, besides conducting 40 raids where an estimated revenue amounting to Rs761 million is involved, and also filed 67 complaints against 75 accused persons involving Rs55.385 million under the Anti-Money Laundering Act, 2010.

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2 COMMENTS

  1. What is Citizenship By Investment & Different Citizenship programs?
    Citizenship By Investment program provides an individual the right to be fully involved in the affairs of the state. However, Such activities include voting and owning properties and so much more. The person who is recognized by the law as a citizen of a particular nation-state has the duty of abiding with the rules and regulations of that state.

    Why Will I Consider Second Citizenship Programs?
    Citizenship By Investment Programs – Our Second citizenship program comes to play when one seeks to be a citizen of another country, nation, or state. Similarly, That country will become a new home country for the person. In addition, One invests due to some engagements or attachments such as business, travel, marriage, education or the person may wish to be a legal member of that country. Therefore, These reasons make up the importance of the second citizenship program.

    Security and Happiness
    When you have an investment in one country and your family is in another you will find out that you feel a little unsecured. Although, This is because you might have to travel from time to time to check on your family and spend some time with them. Sometimes you have to rush back to business to avoid anything going wrong. Also, you might not really be happy because your role in the family is being missed. But with a second citizen program, this issue will be well taken care of. This is because your family can freely come to live with you in the new country of your investment.

    Easy Travel Being Citizenship By Investment
    Above all, Every passport you hold has a couple of visa-free country list. This means you can actually travel to those countries without a visa. For example, an American citizen can travel to Canada, Colombia, Argentina, Italy, and a host of other countries. The individual can visit these locations without a visa. This is because he/she has an American passport. The second citizenship program allows individuals to visit even more countries with ease without requesting a visa.

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