M J Hayat
LAHORE: The Federal Board of Revenue (FBR) has attached the bank accounts of Mainland Husnain Pakistan Ltd for evading Income tax of 45 million on the Income of Royal Palm Country Club recovering Rs 0.1 million, reliable sources told Daily The Business.
Tax evasion of Rs45m on the income of Royal Palm
The sources said that the company owner Muhammad Ramzan Sheikh who is providing service of leisure club, including sports, entertainment the recreational facility has not deposited income tax which is held from the Customs of the Royal Palm Country Club.
The sources said that the income tax was due to the company for the tax year 2013, however, the company has failed to deposit the said amount despite the fact FBR has intimated them a number of times.
The sources said that the owners of the Royal palm Country Club withheld from the Customers over Rs 45 million, however, they failed to deposit the same despite the fact they were served notices under Income Tax section 137 and after one month recovery notices under Income Tax section 138.
However, the company owners failed to comply with the orders of FBR within 15 days.
It was informed that in order to recover the Income tax from the owners of Royal Palm Country Club the FBR has attached the company’s Bank account for more than 30 times.
However, once again FBR commissioner Dr Ishtiaq gave approval under section 140 of Income Tax constituting an under the supervision of Abdul Irshad Sipra including Inspector Inland Revenue Imran Zedi and others raided and attached the company’s accounts in UBL and Appna Bank recovering Rs 0.1 million.
It is pertinent to mention here that only Rs 100000 was recovered from accounts of Mainland Husnain Pakistan Ltd while the company has multi-million businesses across the country. However, they declared only two bank accounts that too have no money in the accounts.
The sources said that the Security Exchange Commission of Pakistan (SECP) should investigate the company under its money laundering laws as to where the money earned by the company goes.
When this scribe contacted MHPL CEO Muhammad Ramzan Sheikh for his comments on the story he could not be reached despite several attempts.