The Directorate of Intelligence & Investigation-Inland Revenue (DI&I-IR), Karachi has detected massive underinvoicing in the imports of different brands of soaps. According to the sources, the action was taken on a tip-off, received by Director General I&I-IR, Islamabad that some unscrupulous elements were involved in myriad imports of soaps in the name of fake companies.
In order to verify the veracity of the information, I&I has constituted two teams under the supervision of Deputy Director Asif Abro.
They said that I&I during investigation identified M/s A.K Business Link as commercial importer of different brands of soaps including Harmony Soap, Anita Soap, Lark Beauty Soap, Lervia Milk Soap and Medicare Soap.
Moreover, sources said that teams under section 38 of Sales Tax Act of 1990 conducted raids at the offices of the company located at Jodia Bazar and I.I Chundrigar areas.
They said that no office was found at Jodia Bazar while the team observed that the said company was running its illicit activities with different name at its I.I Chundrigar office.
Sources further said that I&I team had taken files and CPUs into the custody from the office for forensic examination and claimed that team had detected serious discrepancies during initial scrutiny of the records.
They said that M/s A.K Business Link had declared its sales to a fake business unit M/s Mega Lion, being run by one of the top 100 taxpayers of the country.
Sources said that M/s A.K Business Link, which showed nine digits sales during last three months of current calendar year, had not paid single penny as sales tax.
They said that I&I was presently examining the confiscated records to ascertain the modalities adopted by the operators of said company for under-invoicing and then legal proceedings would be initiated against the responsible persons.
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