ISLAMABAD: Directorate of Custom Intelligence and Investigation, Rawalpindi detected another tax evasion of Rs 2 million by M/s Teens & Kids Entertainment through violating Valuation Ruling No 871.
The Customs Intelligence had decided to scruitinise the import record of the company after finding its involvement in tax evasion of Rs 3.2 million on the import of kids’ bumper cars by misusing the Valuation Ruling No 871. This case was detected few days ago.
During checking, the officials found that the company imported a consignment comprising electric ride on swing through Margalla Dry Port and got it clear through Goods Declaration No 2063. The company then also violated the same valuation ruling and evaded Rs 2 million in the wake of customs duty, sales tax, withholding tax, regulatory duty, income tax and additional sales tax.
The Customs Intelligence has decided to recover Rs 5.2 million evaded by M/s Teens & Kids Entertainment on the import of both consignments.
Meanwhile, Rawalpindi Customs Intelligence has vowed to show best performance during new fiscal year 2015-16. It made this resolve in a report sent to Director General Imtiaz Ahmad Khan who has been informed about the last year’s performance of the department.
In the report, the regional office stated that it confiscated smuggled items worth Rs 354 million involving duty/taxes amounting to Rs 184 million and made 88 cases during fiscal year 2015-16.
During preceding year 2014-15, the Customs Intelligence of Rawalpindi confiscated items worth Rs 354 million involving duty/taxes amounting to Rs 184 million and formed 84 cases.
