Owner of medical stores chain a tax defaulter

ISLAMABAD: The Directorate General, Intelligence & Investigation, Inland Revenue, Islamabad has started catching those High Net worth individuals who are frequent flyers, own luxury vehicles and have properties in posh areas but paying minimal taxes.
According to sources, the directorate has issued a summon to a person belongs to Rawalpindi and owner of a famous chain of medical stores. Reportedly, the person and his family made more than thirty five foreign visits during last few years; he is operating more than fifteen accounts in different commercial banks and owns luxury vehicles including Mercedes, but declares negligible taxable income in his tax returns.
The record of the person including his passports, bank statements and other documents will be analyzed to ascertain exact quantum of his taxable income.There is possibility that tax reference shall be filed against person before Special Judge (Taxation, Anti Smuggling and Customs) Rawalpindi as concealment of income and mis-statement to tax authorities is offence under Income Tax Ordinance, 2001 and punishable on conviction with imprisonment up to two years.