She said I paid more tax than Imran Khan and I own less properties than Imran Khan, so all my earnings were legal, she is a regular tax filer from early 90s.
Mrs Isa said she paid tax of Rs576,540 in 2018 from the taxable income of Rs4 million while for the year 2019 she paid Rs809,970 on the income of Rs5.3 million. It was said she was not receiving FBR notices on June 25, she said, adding that the very day she had lost her father. This false pretext of not receiving the notices was then used to paste notices on the gate of her residence to humiliate her in front of her household staff and everyone in the neighbourhood, she alleged.
She disclosed that when she was in Quetta with her husband, they had not only received threats but also terrorists carried out an attack. “I feared that the next terrorist attack may be successful and I wanted to secure my children’s future,” the statement said, adding she helped them buy two properties in a relatively cheap area on the outskirts of London.
Her net assets worth Rs124 million were declared with the Federal Board of Revenue (FBR), Mrs Sarina Isa in her first detailed response submitted the money trail, source of income and other relevant record of the assets after the presidential reference against her husband was quashed, sources said. "Mrs Sarina Isa has had total assets worth Rs124 million. Her total assets worth Rs45.4 million in Pakistan and Rs78 million abroad [UK]. She submitted certificates issued by banks (UBL & Standard Chartered) in respect of foreign currency (pounds) account showing deposits for the years 2003 to 2013 amounting to 671, 490 British pounds and remittances abroad during the years 2003-2013 amounting to 698, 002 British pounds," a senior official engaged with FBR probe team told Geo News on Friday.
Her net assets worth Rs124 million were declared with the Federal Board of Revenue (FBR), Mrs Sarina Isa in her first detailed response submitted the money trail, source of income and other relevant record of the assets after the presidential reference against her husband was quashed, sources said. "Mrs Sarina Isa has had total assets worth Rs124 million. Her total assets worth Rs45.4 million in Pakistan and Rs78 million abroad [UK]. She submitted certificates issued by banks (UBL & Standard Chartered) in respect of foreign currency (pounds) account showing deposits for the years 2003 to 2013 amounting to 671, 490 British pounds and remittances abroad during the years 2003-2013 amounting to 698, 002 British pounds," a senior official engaged with FBR probe team told Geo News on Friday.
She has submitted details of return of income, wealth statement and foreign income and assets statement for the tax years 2018 and 2019 in an effort to explain when, where and how she acquired her offshore, official further revealed seeking anonymity. She, however, did not give more details on this specific matter (London properties) as saying, "FBR is well aware of her source of income as she has been filer from early 90s."
In light of the Supreme Court verdict in the case, whereby the matter was forwarded to FBR, the office of Commissioner Inland Revenue and International Taxes Zone served notices on Sarina Isa (wife), Sehar Isa (daughter) and Arsalan Isa (son) last week.
Mrs Sarina Isa submitted a record of her salaries earned during her employment at the Karachi American School. She also provided details of the properties sold and bought in Karachi, including the taxes paid to the government on these assets.
Among her immovable properties worth Rs52,340,010, she disclosed her first immovable property worth Rs12, 020,660 with 50 percent share of children in 50-Coniston Court in London, according to her statement submitted with FBR officials. Second immovable property worth Rs19,181,050 with 50 percent share with her son in 40-Oakdale Road London was showed in returns while another moveable property worth Rs21,138,300 with 50 percent share with her daughter in 90-Adelaide Road London declared, read her financial statement for year 2019.
Sources further said that she mentioned the agricultural land gifted by her father. She also told the tax authorities that her husband does not have any link to her London properties, sources said, adding that she also stated that she declared the three London properties in tax returns filed last year.
Mrs Sarina Isa has had savings worth Rs21,650,000 in National Savings Center, DHA Karachi. She got receivables amounting Rs10,979,180 from her father in July 2018. The amount came through banking channel, informed officials said.
Mrs Sarina Isa also has had an investment worth Rs25,454,310, according to her financial statement. Her foreign income remained Rs4,731,076 in tax year 2019. Sarina Faez Isa also has had Rs25,454,310 in her foreign bank account in England, added the officials. Judge Isa's wife further revealed that she paid Rs1,386,510 in account of taxes in past two years, her FBR's record showed.
In her financial statement she submitted details of her national savings total amounting Rs21.7 million and its tax deduction certificates a well-informed officials continued to reveal. Mrs Sarina Isa also received Rs17,470,480 from her daughter who lived abroad in tax years 2018 and 2019, FBR's record showed.
In her agriculture property, she showed 24.7 acres land at Deh Korar, Tapa Zangipur Jacobabad. She also showed another piece of land of 148.21 acres in Jacobabad. Agriculture land was also showed in Dera Murad Jamali, commercial and industrial land in Shah Latif Town in Karachi and Clifton, according to financial statement. But she did not show her total agriculture income as it, according to her, was not taxable income.
“My son worked in an estate agency and also did some private contractual work,” the statement said, adding her son-in-law was working for the UK Ministry of Justice and her daughter-in-law worked as a financial analyst in London.
“If I wanted to conceal our ownership of properties we could have easily purchased them using a sham offshore company to hide the properties ‘real owners’. If you don’t believe me, please ask Prime Minister Khan and his well experienced coterie as to how they concealed their own ownership properties abroad,” she alleged.
“FBR also asked for the money trail for the properties,” she said, adding she didn’t know what the FBR meant by money trail. “Please explain and identify the provision in the Income Tax Ordinance (ITO) 2001 where money trail is mentioned so that she can understand and answer the question.”
She also enclosed along with her statement to FBR return of income, wealth statement and foreign income and assets statement for the year 2018, 2019, certificate issued by UBL, Standard Chartered Bank’s certificate in respect of the foreign currency account of December 2019 showing deposits for the year 2003 to 2013 amounting to pounds 671,490 and remittances abroad during the years 2003 to 2013 amounting to pounds 698,002.
Moreover, she also annexed investment position certificate of the National Saving Centre (NSC), different tax deduction certificates issued by NSC, the property registers maintained by the Land Registry showing the date and price of all the three properties, pictures of the envelopes attached to the gate and returning the open original envelopes with notices to her daughter and son.
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