KARACHI: The Customs Export branch has a issued show cause notice to the management of M/s Fayyaz Fertilizers, directing it to deposit short payment of Rs 1.7 million. The customs authorities also imposed a penalty of Rs 148,000 on the company.
Sources told Customs Today that during scrutiny of import data it was revealed that M/s Fayyaz Fertilizers imported eight consignments from November to December 2016. These consignments were imported through their clearing agent M/s Baloom Associates. The company used wrong PCT heading and availed undue benefits and concessions through using SRO No. 564. It was also revealed that during the audit it was revealed that SRO 564 does not apply on import of such consignments.
After detecting the tax evasion customs export authorities issued a show cause notice to above said company directing to clear evaded tax amount during seven days with fine of Rs 148,000 failing which stern action will be taken against the company will which led to attachment of bank accounts of seizing of property.
