PRA Unearths Rs 9 Billion Tax Evasion In Eighteen Housing Scheme

Punjab Revenue Authority (PRA) Wednesday unearthed tax evasion of Rs 9 billion in the Eighteen Housing Scheme

LAHORE, (UrduPoint / Pakistan Point News – 8th Nov, 2023) Punjab Revenue Authority (PRA) Wednesday unearthed tax evasion of Rs 9 billion in the Eighteen Housing Scheme.

According to the PRA spokesperson, the PRA Rawalpindi Commissionerate unearthed tax evasion worth billions in a raid at Eighteen Housing Scheme, a well-known project situated in Rawalpindi. The scheme has covered area over 600 acres with 976 apartments, 1068 villas of 0.5 to 8 kanals along with a five-star hotel, a golf club and other mega facilities.

A team of the PRA raided the premises of the Eighteen Housing Scheme and collected all the documents from there. Upon proper investigation and discovering the tax embezzlement a team of Enforcement Officers consisting of Sobia Anum, Arsalan Tariq and Adeel Ahsan were instructed by Commissioner and Additional Commissioner Tauqeer Ahmed PRA Rawalpindi, to raid their Rawalpindi office and confiscate tax relevant record. Upon preliminary investigation of the record a tax evasion/tax fraud worth Rs 9 billion was discovered and has been confronted along with 100 percent penalty to the Eighteen Housing Scheme through show cause notice, which is to be deposited in PRA account in due time. Further, the PRA has launched the formal investigation. Upon completion of the inquiry, proceedings under the law for tax evasion and fraud shall be initiated against the housing scheme as well as its co-conspirators.

Additional Commissioner Tauqeer Ahmed PRA Rawalpindi said that registering with the PRA did not mean that they are documented. The important thing is whether they were paying complete taxes and declaring the taxes correctly. The issue was already taken with them through two earlier show causes but now the raid was made to gather the documents and initial investigations proved the tax evasion of billions of rupees, he added.

A spokesperson of the EIGHTEEN, the project of Elite Estates Private Limited (EEPL), said that being international real estate developers, EIGHTEEN follow all the rules and regulations. He said EIGHTEEN is an active and responsible taxpayer by paying all kinds of taxes and are committed to compliance in term of government taxes.

Recently, PRA approached EIGHTEEN for cooperation regarding tax documents analysis, and being responsible real estate developer and business organization ‘we coordinated with PRA officers and hosted them at office and shared all the relevant details on taxes submission since we started this state of the art project’.

EIGHTEEN is responsible organization and always open to any check and balance whenever needed, he said and added that any wrong news can not only hamper foreign investors in the country but will also create distrust among stakeholders in and outside Pakistan.×404/pic_1699460147.jpg
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