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FBR takes action against Sika Paints for Rs 429.15 million tax fraud

FBR takes action against Sika Paints for Rs 429.15 million tax fraud

LAHORE: The Regional Tax Unit-II (RTU) of Federal Board of Revenue (FBR) has decided to take action against Sika Paints Industry for fraud of Rs 429.15 million sales tax.

As per details, the RTU-II found Sika Paints owner Malik Javed Iqbal involved in tax fraud, as he submitted wrong income tax declaration to the FBR.

According to official documents, the Sika Paints Company has 15 accounts in various banks, but it revealed only one account to the FBR.

On the other hand, the company’s director has 31 accounts in various banks with a total amount of Rs 0.7 billion, kept in different timings.
In all accounts, the company owner was an introducer, mandatory or cosignatory, next of kin or other.

According to an official, the intelligence and investigation wing of
Inland Revenue Lahore confiscated the electronic and physical data of the company’s selling and buying after getting information from sources regarding the possible tax fraud.

The official said that the company was found defaulter after a cross-checking of the seized data.