Thursday , April 25 2019
Breaking News
Home / Uncategorized / M/s Ismail Industry Ltd involved in billions of rupees tax evasion: TIP
M/s Ismail Industry Ltd involved in billions of rupees tax evasion: TIP

M/s Ismail Industry Ltd involved in billions of rupees tax evasion: TIP

ISLAMABAD:  A new collusion has been exposed between Federal Board of Revenue (FBR) and M/s Ismail Industry Limited of billions of tax evasion and money laundering.

According to details, Transparency International Pakistan has sent a letter to Federal Tax Ombudsman highlighting the tax evasion and money laundering committed by M/s Ismail Industry Limited in collaboration with FBR. The company is owned by former finance minister and PML-N leader Miftah Ismail’s family.

Transparency International Pakistan requested Federal Tax Ombudsman to investigate the illegal remittance of money to Afghanistan to M/s Gulab Tahir Limited, Kabul and Jalalabad Afghanistan.

Transparency International highlighted that sales tax returns did not reconcile with the goods declarations (GDs) of Post Clearance Audit (PCA) while some of the available GDs with the department concerned do not match with the documents.

Transparency International also highlighted that during July 2009 to June 2014, the said company’s total purchases were worth Rs39.24 billion, while in the annual audit reports of the company, total purchases were amounting to Rs34 billion, affecting the input adjustment.

Transparency International requested the Federal Tax Ombudsman to investigate sales tax returns differences and inter-segment sales which were not declared in the domestic sales in the sales tax returns.

Meanwhile, Transparency International Pakistan pointed out that in 2013, only 2.1% income tax and few direct taxes were paid which needed to launch an investigation.

Meanwhile, FBR Member Legal Dr. Tariq Masood has been contacted for FBR’s point of view; however, he was busy and avoided statement.

It is important to mention here that the NAB had also summoned Miftah Ismail on June 20 for awarding controversial contracts for the sale of natural gas liquids (NGL).

The NAB on June 14 initiated an inquiry and sent a call notice to the former finance minister. He was summoned to explain “allegations of corruption and corrupt practices by officials of the Sui Southern Gas Company Limited (SSGCL) in awarding of natural national assets to private company Jamshoro Joint Venture Limited (JJLV).”

Ismail chaired the board of directors meeting in which these tenders were approved. According to NAB, five previous tenders were handed over to JJVL which violated a Supreme Court’s verdict on the matter. Ismail also served as chairman of the SSGCL from November 2013 to November 2017, and has been summoned by NAB in this capacity.

Ismail is also vying  for a National Assembly seat in the upcoming general elections July 25. He served as finance minister for mere 50 days and was appointed hours before the federal budget of 2018.