ISLAMABAD: The Directorate of Intelligence and Investigation Inland Revenue (I&IIR) has unearthed a tax evasion scam worth millions of rupees by investigating a real estate dealer, it has been learnt.
“I&IIR, on a tipoff, investigated Fazil Inam Sabir and found out that the taxpayer is not only involved in tax evasion but concealment of actual resources including property, bank accounts etc,” a report available with The Express Tribune revealed.
“Sabir received an amount of around Rs2 billion from the sale of land measuring 3,000 kanals. The same was not declared at the time of filing of tax returns,” it stated. “He [also] received billion of rupees in [both] his own name and in the names of other individuals who were his personal servants.”
The I&IIR report also alleged that the real estate dealer owns valuable properties in the shape of plots, plazas, etc in DHA, Zaraj Housing Society and Jeddah Town, Islamabad for which the taxpayer has no known source of income or explanation.
I&IIR further investigated and found out that he declared total income of Rs1.95 million but deposited a meagre amount while filing the tax returns for the year 2013. The directorate also uncovered two more accounts which held a combined sum of Rs1.27 billion and did not match his tax return for 2013.
The report recommended prosecuting Sabir for tax evasion and concealing facts regarding his source of income.
Published in The Express Tribune, July 6th, 2015.