ISLAMABAD: Federal Board of Revenue has started to determine the exact revenue involved in stuck-up goods at the state warehouses as delay in auction of stuck-up goods including vehicles at the state warehouses is causing huge revenue loss to national exchequer, sources said.
The valuation of these goods along with the applicable duties and taxes on them will be worked out by the Customs department, sources added. State warehouses have yet to complete the legal formalities including adjudication of confiscated goods before auction.
In case of delay in the adjudication process, FBR will not be able to timely recover duties and taxes from the auctionable goods. FBR has issued instructions to the field formations for compilation of data pertaining to stuck-up amount on confiscated goods kept in state warehouses.
Sources said that FBR has also ordered to compile details of confiscated narcotics/liquor/arms and ammunition as well as confiscated vehicles in the state warehouses. According to FBR instructions issued to the Collectors of Model Customs Collectorates, following information is required regarding State Warehouses working under jurisdiction of the respective MCC: location of the state warehouse, covered area, whether government owned/ rented/other, number of officers/staff deployed, approximate value of goods excluding vehicles available as on last date of November, approximate value of confiscated vehicles as on last date of November, details of narcotics/liquor/arms and ammunition available as on last date of November, value/duty/taxes collected during the last financial year as well as the current financial year and number of auctions conducted during the last financial year as well as the current financial year. FBR is also compiling data of the state warehouses maintained by other agencies.
