Federal board of revenue (FBR) to auction off properties and trademarks of big tax defaulters to recover tax dues.
The Director General of intelligence and investigations (Inland Revenue) along with the regional tax department took this initiative to recover the tax from big tax defaulters by auctioning their trademarks or copyrights of the products. This has been taken into consideration when there was tax liability of 570 million against a cosmetic company.
To take a start, the properties of the company’s board of directors will be auctioned as well as the trademarks in the name of the company will also be sold. For this purpose corporate regional tax office has requested the director general of intellectual Property Organization (IPO), to seek the details of trademarks, copyrights and moveable properties of the defaulters companies.
It was informed to the Director General of IPO that tax dues of Rs 570 million, including penalty and default surcharges are recoverable from the said cosmetic company (Messer Forvil cosmetics Pvt.) under the section 48 (i) (e) of the sales tax act, 1990.
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The tax department has sought the details of all other copyright and trademarks of the company, including Bio Amla which is a trademark registered under the name of the said company.
All the transfers, sales and sublease of the copyright, trademarks and designs of the said defaults would be blocked as registrar of IPO was informed about it.
CRTO Lahore has further asked the DG IPO Pakistan to announce the current status of the copyrights, trademarks and design of these defaults by December 12 so that further action can be taken.