KARACHI: The Federal Board of Revenue (FBR) has sealed four outlets of well well-known fashion brand, Sowears, on alleged tax evasion of Rs 100 million, according to media reports.
The Fashion brand has been allegedly involved in tax evasion, concealing income, and secret foreign business activities, according to FBR authorities. The action was taken by the Regional Tax Office-II.
FBR authorities said that the brand willingly avoided its Point of Sale (POS) system, with the FBR leaving the national treasury with the loss of Rs 100 million.
The brand outlets sealed included the Lucky One, Dolmen Mall, Ocean Mall, and Saima Mall. The FBR also raided the factory located in the SITE industrial area.
The search team collected corporate records and digital evidence during the raid, according to reports.
The aforementioned brand also operated in Dubai and the United States, however the profits from these international operations was not reported in Pakistan. Because of these undisclosed overseas transactions, there is also a risk of money laundering.
The FBR further noted that the fashion firm shifted money to illicit bank accounts and hidden corporations, for which investigations are underway under the Money Tax Ordinance.
