KARACHI: The Federal Board of Revenue (FBR) has empowered Direcotrate of Intelligence and Investigation of Inland Revenue Karachi to investigate around 500 cases falling within the jurisdiction of Large Taxpayers Unit (LTU-II) Karachi.
Inland Revenue Intelligence & Investigation would scrutinize suspected bank accounts and conduct raids to track and recover black money and sources of terror financing, sources said.
In February 2015, director general of I&I IR was empowered to investigation suspicious transactions reports or other assets impounded by any agency under federal or provincial governments.
As LTU-II Karachi had not been constituted then, I&I-IR approached FBR to authorize their jurisdiction over cases being dealt by LTU-II Karachi. FBR has issued the notifications in this regard on Friday.
The director of the IR Intelligence has powers equivalent to commissioner and is authorized to obtain taxpayers/non-taxpayers record, can enter and search premises and can serve notices for information or evidence besides monitoring the proceedings of audit.
Sources in the Directorate Intelligence IR, Karachi said that the office was facing difficulties in pursuing various cases due to insufficient powers conferred upon the directorate.
Karachi Directorate has initiated several cases of suspicious transactions and tax evasion besides sales tax refunds on fake and flying invoices.
The Directorate General of Inland Revenue Intelligence & Investigations is already investigating the assets of high net worth individuals including politicians, doctors, sportsmen, fashion designers etc., in order to assess the incomes concealed by them and to bring their hidden wealth under the tax net.