KARACHI: The Federal Board of Revenue (FBR)’s wing, Directorate of Intelligence & Investigation-Inland Revenue (I&I-IR) has exposed several unregistered business units in cigarette manufacturing sector while action has been initiated against them.
According to details, Directorate of I&I-I, Karachi, recently conducted a raid on a business place of manufacturer of cigarette rods, Paramount International (PVT) Limited and resumed important record while significant information regarding other unregistered units of this sector has been found and in this regard the series of actions would be conducted soon by the authority, sources told customnews.pk.
Sources sharing further details revealed that Paramount International is a private limited company engaged in the business of manufacturing of cigarette filter rods. Manufacturing unit of the registered person is located at shade no 2 plot no WH-7sector 16-B North Karachi while its registered office is located at A-15 Asmat Corner Block-7 FB Area Karachi.
Sources said that the Directorate General of I&I-IR Karachi, on the special instructions of recently appointed Deputy General (DG) IRS, Khawaja Tanveer Ahmad, has been active to identify tax defaulters as the Directorate General I&I-IR Karachi is vigorously taking actions against the tax evaders and recovering the evaded money which translates in to noteworthy contribution in national kitty by the Inland Revenue Service (IRS) Karachi.
Sources privy to the matter told Custom News that during scrutiny of tax profile of the Paramount International (Pvt) limited, a manufacturer of cigarette filter rods, I&I-IR observed that the registered person has misstated the values of sales purchase and exports in the Income Tax Returns compared with those of shown in the Sales Tax returns of the relevant tax periods.
I&I-IR further apprehended that Paramount International (PVT) Limited is engaged in supplies of filter rods to unregistered manufacturer of cigarettes; hence retrieval of information from the manufacturer of cigarette rods would be helpful for initiating action against the unregistered cigarette manufacturers.
Accordingly, I&I_IR Karachi, exercising its constitutional right under U/S 175 of the Income Tax Ordinance, 2001, section 38 of the Sales Tax act 1990 and section 45 of the Federal Excise Act, 2005, raided on the business location of Paramount International (PVT) Limited on 18 February 2016.During the search of the production unit, I&I-IR could not find any computer however partial record was found at the registered office by the special team.
The team members thoroughly examined the record available in the premises and resumed Filter Rod invoices, bank statements; sales tax invoices books, import registers, cash books and other relevant data and information under proper seizure/record resumption memo, duly signed by the officers as well as representatives/witnesses of the registered person.
The team members concluded the action and reported back to the office of Directorate of I&I-IR where the matter was reported and the resumed record/CPU were kept in safe custody.