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Tax evasion of Rs41million: FBR couldn’t get record of MBI paint distribution company

Tax evasion of Rs41million: FBR couldn’t get record of MBI paint distribution company

LAHORE: The Federal Board of Revenue has asked for all the record of a paint distribution company titled MBI but it could not get it. It may be remembered that the company was found in a huge tax evasion of Rs41million some two years ago.

According to sources of Customs Today, The FBR had written a letter to Lahore Development Authority, Excise and NADRA to provide the record of the company’s vehicles and property. It is pertinent to mention here that the FBR had also asked all the banks to freeze all banks’ accounts of the company.

In another action, the FBR has attached the bank accounts of an engineering company. The company has been defaulter of income tax from 2014 to 2016. Sources said that many notices were served on the company but it failed to submit its tax returns. Now the FBR attached its bank accounts and recovered Rs485000. The bank account of a bank in Badami Bagh had been frozen by the FBR.

Inspector Waqar Haider and Muhammad Akram Haider conducted the said action against Farzand Ali. Sources said he has different kinds of businesses but not even registered for income tax.