KARACHI Aug 3 (TNS): An FIR has been lodged against Usman Shahid, a businessman for tax evasion of Rs576.564 million, by the Directorate of Intelligence and Investigation, Inland Revenue under section 203 of Income Tax Ordinance read with section 3, 4 and 8 of the Anti-Money Laundering Act 2010.
According to a tax officer, the tax evasion was worked out in a period of three years — Rs17.219m in 2014, Rs80.823m in 2015 and Rs478.521m in 2016. Mr Usman, according to the case, has not filed the income tax returns for 2012-13. Similar, irregularities were detected in other tax returns. The case was filed in the court of Special Judge Customs, Taxation and Anti-smuggling, Karachi. The I&I Department has launched investigation against tax evaders across the country under the money laundering act.
The tax officer said that other amount will be added after determination of quantum/expenditure incurred on purchases for assets in the past four tax years.
Mr Usman has been running a company named Southern Distributor and Southern Investment. According to the details, the taxpayer has knowingly and willfully made offences of concealment of income, acquiring assets from proceeds of crime by committing predicate offence of tax evasion, the FIR said.
It further alleged in the case that the taxpayer submitted inaccurate particulars to federal government in his income tax returns for 2011-12 up to 2015-16. Mr Usman, according to the notice, has concealed his true revenue, turnover, income from government with intention of evading due tax. It was also alleged that Mr Usman declared figures in the tax returns did not match with his actual figures when probed by the I&I Department.
“It is strange that a person who has not paid a single penny to federal government as an income has purchased six expensive properties in posh localities. Its impact will be judged after determination of quantum expenditure incurred on these purchases of assets”, the tax official said.
