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FBR issues tax notice of Rs 420m to CEO of Bahria Town Ahmed Riaz Malik

FBR issues tax notice of Rs 420m to CEO of Bahria Town Ahmed Riaz Malik

ISLAMABAD: The Federal Board of Revenue (FBR) has completed the investigations against the Chief Executive Officer (CEO) of Bahria Town, Ahmed Ali Riaz Malik, regarding Panama Papers and issued him a tax notice of Rs 420 million.

This is the first big name among the Pakistanis who came under the tax net as a result of Panama Leaks. The name of Ahmed Ali Riaz Malik had appeared in Panama Leaks. He was only a shareholder of an offshore company registered at British Virgin Island with the name of M/s Westhorpe International Limited during the period between October 9, 2014 and May 25, 2015.

He used Dubai address, P- 69, Emirates Hills, to purchase the share of the offshore company Westhorpe International. He made investment of around 47 million dirham in the company.

The FBR has also  demanded him to produce the legal proof and documents regarding the invested money in offshore company in the this context that either this money was transferred legally to the United Arab Emirates from Pakistan or he had paid taxes on transferred amount.

Customs Today contacted the Bahria Town management to get their version on the issue, but could not get a reply about the allegation leveled by the FBR against Ahmed Ali Riaz Malik. However, a staff member admitted that Ahmed Ali Riaz had owned a share of M/s Westhorpe for a specific time period but he didn’t make any investment through offshore company.