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 boards 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. —INP
