KARACHI: Customs Export authorities detected tax evasion amounting to Rs 2,127,000 by M/s Iqbal Hosiery Manufacturers and directed the company to deposit outstanding amount at the earliest.
Sources told Customs Today that during scrutiny of import data of M/s Iqbal Hosiery Manufacturers it was revealed that the company availed undue benefits and concession by using SRO 566 and imported six consignments through wrong PCT heading.
Sources said that M/s Iqbal Hosiery imported six consignments of raw material. After detecting tax evasion, the Customs Export authorities directed the company to deposit outstanding amount along with fine of Rs 122,000 within seven days.
Sources said that Customs Export authorities also issued same kind of notice to M/s Baba Chemicals. The company is also involved in tax evasion. If both companies will not submit outstanding amount during assigned period then stern action will be taken against these companies.
