NAB takes cognizance of over Rs 1.18 billion corruption

MULTAN: (APP) The National Accountability Bureau (NAB) Multan has taken cognizance of over Rs 1.18 billion of corruption against Additional Secretary Economic Affairs Shahid Hassan Asad and others.

According to a NAB press release issued here on Monday, the Bureau took notice of misuse of authority by the Additional Secretary Economic Affairs and others, allegedly granting illegal favour of reduced sales tax to two fertilizer companies through issuance of an SRO. An inquiry in that regard was in progress, it added.

Both the companies were paying sales tax at reduced rates vide SROs No.103(I)2005 dated February 03, 2005 and SRO No. 15(I)2006 dated January 06, 2006 which were withdrawn by Federal Board of Revenue vide SRO 313(I)/2011 dated April 18, 2011. However, alleged companies did not pay sales tax on revised rates from April 18, 2011 to January 07, 2012 on the pretext of absence of knowledge of the said SRO No. SRO 313 (I) /2011. Thereafter, the said companies started paying tax on the applicable rates from January 08, 2012.

The amount of tax evaded on part of both companies is over Rs.1.180 billion of loss to state exchequer which is pending for collection due to stay granted by Lahore High Court, the press release added.