IRS initiates campaign targeting individuals involved in concealment of wealth, money laundering

KARACHI: Inland Revenue Intelligence & Investigation (I&I) has initiated a crackdown against individuals including property traders, importers, school owners and cloth designers who have been fraudulently concealing their income to evade government revenue.

Directorate of Inland Revenue Intelligence & Investigation has lodged a complaint before the Court against one Usman Shahid s/o Shahid Zaki for concealment of income, furnishing inaccurate particulars of income/wealth and money laundering.

According to the report, Usman Shahid S/o Shahid Zaki who is also holder of NICOP i.e National Identity Card for Overseas Pakistanis exhibiting USA as his country of stay has been doing business with name and style of “Southern Distributors” & “Southern Investment”.

Deputy Director Asif Abro is investigating a money laundering case in respect of Usman Shahid on the ground that the suspect knowingly and willfully made offences of Concealment of Income, Acquiring Assets from proceeds of crime by committing predicate offence of tax evasion whose quantum is above Rs576 million as per preliminary investigation from available record.

In addition to that, Usman Shahid submitted inaccurate and wrong particulars to Federal Government in his Income Tax Returns filed for 2011-2012; 2012-2013; 2013-2014; 2014-2015 and 2015-2016. He has concealed his true revenue and income from Government with intention of evading due tax.

His declared figures do not match with his actual figures when probed. Thus, he has betrayed the trust reposed in him as a taxpayer and citizen by Federal Government of Pakistan.

Usman Shahid did not file Income Tax Return for the Tax Year 2012-2013. Hence, he did not fulfill his statutory duty of filing tax returns for the tax year 2013. On the other hand, Usman Shahid has purchased six expensive properties in DHA Karachi.

In his returns for 2013-14, Usman submitted inaccurate particulars declaring revenue receipts of Rs1.516 million while a sum of Rs50.639 million was credited in his bank accounts during the period. In his returns for 2014-15, Usman submitted inaccurate particulars declaring revenue receipts of Rs2.405 million while a sum of Rs232.48 million was credited in his bank accounts during the period. In his returns for 2015-16, Usman submitted inaccurate particulars declaring revenue receipts of Rs2.56 million while a sum of Rs1.368 billion was credited in his bank accounts during the period. The accused also purchased expensive properties during these years.

It is obvious from the above-mentioned facts, Usman Shahid S/o Shahid Zaki inflicted a loss of Rs576.5 million approximately to the national exchequer.

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