Directorate General of Intelligence and Investigation Inland Revenue (IR) Karachi has served a notice to a senior executive of a bank, who has purportedly concealed information about his immoveable properties in Dubai. Information received at the Federal Board of Revenue (FBR) here on Thursday that the banker has failed to file his income tax returns in line with the relevant provisions of the Income Tax Ordinance 2001. The agency has issued notice for acquisition of information under section 176 of the Income Tax Ordinance, 2001
According to sources, the banker owes one of the most expensive villas in Dubai and another property in Dubai. There is non-compliance in filing of return for tax years including 2013. However, return filed for tax year 2014 is also without requisite documents under the law. The notice said: "after Taxpayer Registration Profile on FBR e-portal, the banker is an existing taxpayer since 23/08/2007 as salaried Individual".
It said that the enquiries conducted by the agency showed discrepancies in the returns. Bing a salaried Individual since 23/08/2007 the banker was liable under section 114 of the Income Tax Ordinance, 2001 to file income Tax Returns particularly for the tax years 2011, 2012 and 2013. But FBR data shows no such compliance on his part.
The directorate IR has credible information that the banker is owner of immovable properties outside Pakistan including properties in Dubai. However, scrutiny of his wealth statements e-filed on 31/12/2015 revealed that such immovable properties are not declared. He is required to explain this discrepancy alongwith valid reasons and supporting evidences, directorate I&I IR said in the notice. The notice further revealed that the banker has filed Income Tax Return for tax year 2014 showing total income at Rs 8,743,115/-. The said return appears invalid being without wealth statement.
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