Spokesman Research
ISLAMABAD: Federal Board of Revenue (FBR) has decided for the first time in history to seize and auction the business brands of big tax evaders and defaulters as immovable property and to auction the immovable properties of big tax evaders and their brands. A historic initiative has been taken to recover the stolen tax dues by auctioning the trademarks and copyrights of the products, for which the FBR imposed a tax liability of Rs.570 million. For recovery, the frozen assets of the four board of directors and partners named Zakauddin Shaikh, Zunir Ahmad, Khaleda Parveen and Wamiq Zaka and auction of all the trademarks acquired by Bio-Amla and other names of Messers Forvil Cosmetics Pvt.
The process has started and it is going to be the first time in the history of FBR that the assets of the board of directors of the companies involved in alleged tax evasion of crores of rupees are going to be auctioned as well as all the trademarks acquired in the name of their company. The Federal Board of Revenue, under Section 48(i)(e) of the Sales Tax Act, 1990, directed the Director General of Copyrights and Trademarks, Patents and Design Intellectual Property of Pakistan (IPO) to auction trademarks for recovery of tax dues of Rs. 570 million) has written a letter to Chief Commissioner Corporate Tax Office Lahore, Chief Commissioner Sadia Sadaf Geelani and Commissioner Inland Revenue Enforcement Zone One Corporate Tax Office Inland Revenue Mian Farooq Khaliq, a team consisting of frozen assets for recovery of tax liabilities from tax defaulters.
Along with this, a historic step has been taken to declare the trademark as an asset and auction it after the approval of the Chief Commissioner Inland Revenue and other relevant officers. including all the details have been written and details have been sought about the current status of all other copyrights and trademarks of this company, including Bio Amla, a trademark registered in the name of the tax defaulter Forvil Cosmetics Private Limited and its insolvent board of directors, the letter said.
That is December 2nd 2022 to provide the current status and other relevant details of all other copyrights and trademarks of the company, including the trademark Bio Amla registered in the name of the tax defaulter Forvil Cosmetics Private Limited and its insolvent board of directors to FBR so that these defaulters The process of auctioning the frozen assets and all the trademarks registered in the name of the company and the insolvent board of directors of the company can go ahead, according to the document Federal Board of Revenue (FBR) Director General Copyrights and Trademarks, Patents and Designs.
In the letter written to Intellectual Property of Pakistan (IPO), it was stated that the company is a tax defaulter of Rs. 570 million Ltd. has frozen the registered trademarks in the name of the owners of the company and FBR is making the sale of the rights of the frozen trademarks and brands subject to FBR’s NOC, FBR officials say. This is a historic move by FBR which has never been done before This initiative will discourage tax evaders and increase the tax revenue of FBR. The said officer said that the team of FBR’s Corporate Tax Office Lahore has started this historic work.
A formal opinion was taken from the department in which the legal team confirmed that the trademarks or copyrights that constitute financial goodwill fall under the category of movable property. The owners of the business unit of persons named Parveen and Wamiq Zaka are habitual tax evaders and have been accused of tax evasion of crores of rupees before. The investigation of cases of tax evasion of crores of rupees is also going on against Muhammad Awais, the managing partner of Forvil Cosmetics, which manufactures and sells Bio Amla shampoo and other products, and his company, and the sales tax registration number of this company has also been suspended but they used to suppress matters with collusion while in the department Some people used to leak official information due to which the revenue was being lost, but after the strict action of FBR and Directorate General Intelligence and Investigation of Inland Revenue, now Corporate Regional Tax Office Lahore has taken strict action and is involved in collusion with tax evaders. The investigation has also been started against the people.
Sources say that it was reported from the certified sources of FBR that the mentioned people involved in tax evasion of crores of rupees are going to sell the trademarks and copyrights of their products and the owner of this company. They are trying to get immigration to another country and these people will go abroad after selling the trademark, so they are not paying the sales tax dues of crores of rupees.However, according to the documents available in this regard, the Federal Board of Revenue has already issued orders to confiscate the copyrights, trademarks and patents of people named Zakauddin Sheikh, Zunir Ahmed, Khaleda Parveen and Wamiq Zaka in a case of tax evasion of more than 31 crores.
Now the stolen tax amount is around fifty seven crores, so now the recovery process has been started by auctioning the assets and trademarks. IPO) has written a letter to Islamabad in which it is stated that under Section 48(1)(e) of the Sales Tax Act, 1990, in the case of tax evasion of more than 30 crores, Zakauddin Sheikh, Zunir Ahmed, Khaleda Parveen and Wamiq. The copyrights, trademarks and patents of persons named Zaka have been seized and the amount of stolen tax has reached fifty seven crore rupees including fines and surcharges. Reference is also made to Letter No. 537 to the patentee, according to the document, Corporate Regional Tax, a subsidiary of FBR. In the letter written by Office Lahore to Director General Intellectual Property Organisation Pakistan (IPO) Islamabad, the computerized national identity card numbers of the said persons and their trademark details have also been provided and it has been said that the FBR has been certified. It has been reported that some trademarks and copyrights are registered in the name of the above mentioned persons who are of huge financial value as these trademarks and copyrights have financial value in the form of goodwill and they fall under the category of movable property. And these are movable assets that can be easily sold and transferred, so the Director General of Intellectual Property Rights Pakistan (IPO) Islamabad is informed that the persons named Zakauddin Sheikh, Zunir Ahmed, Khaleda Parveen and Wamiq Zaka.
If any application is received or proceedings are initiated regarding the sale, transfer, lease or sub-lease of their copyrights and trademarks, without the NOC of the Corporate Regional Tax of Lahore, the trademarks of the said persons. And any action related to the sale, transfer, lease and sub-lease of copyrights It has been further stated in the letter that the notification issued by the FBR should be informed by December 12, 2022 regarding the recognition and compliance and the cooperation in this matter of tax evasion would be appreciated. When a senior officer of FBR was contacted, he said that this is a very landmark initiative, this initiative will discourage tax evasion and tax evaders and increase the revenue of FBR. Daily The Spokesman contacted Farol Cosmetics Pvt Ltd but did not respond but even so, if they want to explain, the Daily Spokesman pages are available. I Ansari