Islamabad: The Federal Board of Revenue (FBR)’s Directorate General of Intelligence and Investigation (DG I&I) has identified various instances of financial transactions wherein several business entities stowed away money in remote country locations to evade taxes, according to news sources.
According
to details, preliminary investigation on the subject has revealed tax evasions
amounting to billions in three money laundering cases. To this effect, an
official said that the government had launched an investigation to unearth the
origins of these accounts and aimed to tax this amount under the relevant laws.
He added that these cases would be tried under the Anti-Money Laundering Act, 2010, and Benami (Prohibitions) Act, 2017. The official opined that these investigations were part of the government’s attempt to document the economy and bring everybody under the tax net.
According
to reports, DG I&I has filed three cases against different individuals
whose accounts greatly exceed the amounts suggested by their tax declarations.
Moreover, the regional I&I directorates in Faisalabad, Peshawar, Multan, and Islamabad have conducted raids on properties of various suspected tax evaders in different sectors.
The
official revealed that proceedings in all these cases were underway; adding
that the department had received orders to complete the investigations on a
timely basis.
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