ISLAMABAD: The Directorate of Intelligence and Investigation, Inland Revenue, has lodged a case against a Karachi-based businessman for tax evasion of Rs576.564 million.
A senior tax official said that a FIR has been lodged against Usman Shahid under section 203 of Income Tax Ordinance read with section 3, 4 and 8 of the Anti-Money Laundering Act 2010.
The case was filed in the court of Special Judge Customs, Taxation, and Anti-smuggling, Karachi. The I&I Department has launched an investigation against tax evaders across the country under the money laundering act.
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.
He said that other amount will be added after determination of quantum/expenditure incurred on purchases for assets in the past four tax years.
According to the FIR, Mr. Usman has been running a company named Southern Distributor and Southern Investment. According to the details, the taxpayer has knowingly and wilfully made offenses of concealment of income, acquiring assets from proceeds of crime by committing predicate offense of tax evasion.