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Tax evasion: I&I-IR digs deeper amid arrest of two executives

Tax evasion: I&I-IR digs deeper amid arrest of two executives

ISLAMABAD: In what is being described as the landmark achievement to unearth tax evasion by an international IT giant, the Directorate General Intelligence and Investigation Inland Revenue (IR) has made the entire supply chain of the company as part of the investigation.

As per details, both the arrested high-profile executives of the global IT giant were produced in the Rawalpindi Banking Court for obtaining their physical remand. The Banking Court, however, directed the DG I&I IR that the matter was related to tax evasion and therefore customs judge would be the competent authority to hear the case who is expected to hear the case on April 10. Currently, both the executives are in Central Jail Rawalpindi.

Meanwhile, the DG I&I IR Islamabad credited its three officials Additional Director Nasir Khan, Deputy Director Amir Ilyas and Assistant Director Hassam with b lowing the lid off the tax evasion scam. The directorate of intelligence IR has investigated the entire supply chain in the case, which involves local management of a top global IT giant. The directorate has taken action against the entire supply chain in a systematic manner. The role of each retailer, distributor and manufacturer was determined during the investigation. The retailer took supplies from the distributor and the distributor took supplies from manufacturer. In all three cases, arrest warrants were issued and criminal proceedings regarding tax evasion have been initiated.

It is expected that the case will prompt the multinational companies to exercise caution and comply with local tax laws. It will also make these companies realize the need for developing strong internal controls to avoid any possibility of tax evasion.