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Saturday, February 24, 2024

PRA Investigation Exposes Suspected Tax Evasion Scandal Involving Rs. 9 Billion Linked to EIGHTEEN

The Punjab Revenue Authority (PRA) has uncovered an alleged tax evasion amounting to Rs. 9 billion in the EIGHTEEN Housing Scheme in Rawalpindi.

As per the PRA spokesperson, the Commissioner of PRA Rawalpindi identified tax evasion in the billions during a raid conducted at the EIGHTEEN Housing Scheme. The scheme, spanning over 600 acres and comprising 976 apartments, and 1,068 villas ranging from 0.5 to 8 kanals, also features a five-star hotel, a golf club, and various other extensive facilities. Acting on intelligence, a team of PRA Enforcement Officers, led by Sobia Anum, Arsalan Tariq, and Adeel Ahsan, carried out a raid on the premises of the housing scheme, seizing all relevant documents.

The PRA Rawalpindi Commissioner and Additional Commissioner Tauqeer Ahmed authorized a raid, instructing the team to thoroughly examine tax-related records. Initial investigations uncovered tax evasion amounting to Rs. 9 billion, leading the PRA to issue a show-cause notice to the housing society. The notice directs them to deposit 100 percent of the evaded tax into the PRA account within a specified timeframe. A formal investigation has been initiated, and proceedings for tax evasion will follow.

Emphasizing the importance of complete tax compliance and documentation, Additional Commissioner Tauqeer Ahmed highlighted that mere registration with the PRA does not exempt companies from their tax obligations. He reiterated that the housing society had previously received two show-cause notices regarding tax irregularities.

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