Directorate General of Internal Audit (Inland Revenue) Federal Board of Revenue (FBR) has worked out estimated tax of Rs 18,857,500 to be recovered from the top female model after initiation of provisional assessment procedure for tax recovery on the basis of concealed asset.
According to the Sajjad Haider Afzal Cheema, Director General Directorate General of Internal Audit (Inland Revenue) proposal to the FBR here on Tuesday, it is a unique opportunity for the tax department wherein immediate recovery of tax of Rs 18,857,500 is possible from the super model arrested on the charges of money laundering/smuggling of dollars. The concerned Commissioner, Inland Revenue should complete provisional assessment proceedings against her without any delay.
Director General Directorate General of Internal Audit (Inland Revenue) has informed the FBR about the provisional assessment of Ayan Ali under section 123 of the Income Tax Ordinance, 2001.
The directorate internal audit IR said that a few days ago customs authorities arrested the model and recovered $550,000 from her possession. The facts and circumstances of the instant case warrant immediate action in terms of Section 123, which is reproduced hereunder as ready reference:
"123. Provisional assessment in certain cases-(1) Where a concealed asset of any person is impounded by any department of agency of the Federal Government or a provincial Government the Commissioner may, at any time before issuing any assessment order under section 121 of any amended assessment order under section 122, issue to the person a provisional assessment order or provisional amended assessment order, as the case may be, for the last completed tax year of the person taking into account the concealed assets.
The Commissioner shall finalize a provisional assessment order or a provisional amended assessment order as soon as practicable.
In this section "concealed asset" means any property or asset which, in the Opinion of the Commissioner was acquired from any income subject to tax under Income Tax Ordinance.
When converted into Pak Rupees the value of concealed asset comes to Rs 56,100,000 on which tax @ 35 percent comes to Rs 18,857,500, DG Internal Audit estimated.
In view of the facts of the case it is proposed that concerned Commissioner in case of Ayan Ali may kindly be asked to pass order of provisional assessment immediately and recover estimated tax of Rs 18,857,500 from Custom Authorities as provided in law.
This is a unique opportunity wherein immediate recovery of tax of Rs 18,857,500 is possible. The concerned Commissioner, Inland Revenue should complete proceedings without further loss of time, Director General Directorate General of Internal Audit (Inland Revenue) added.
Comments
Comments are closed.