FAISALABAD: Assistant Collector Idrees Qureshi detected tax evasion of Rs2.486 million by M/s Orient Coating and Finishing Mills (Private) Limited in terms of violation of Clause-9 of Income Tax Ordinance-2001.
Sources told Customs Today that during scrutiny of import data of above said company availed undue concessions and benefits by using wrong PCT Heading 3906.9090 under the SRO 327(I)/2008 dated 29-3-2008 and got clearance without payment of customs duty and taxes.
Sources said that concessionary rate of advance income tax 3% was applicable under Clause-9 of part-II of the Second Schedule of Income Tax Ordinance-2001 read with Section-148 ibid punishable under Section-156(1)(1) of the Custom Act-1969.
However, customs duty was paid but the importer either paid income tax at concessionary rate 1% or did not pay income tax at all despite the fact that income tax exemption certificate issued by the commissioner of income tax was necessary to avail the concessionary rate of income tax. The omission resulted into non-realization of Rs2.486 million recoverable from the importer.
The audit team comprised Assistant Collector Muhammad Idrees, Superintendent Syed Javeed Hussain Sherazi and Inspector Asif Hussain. The contravention report along with (Annex-A) has already been forwarded to the additional collector of Customs Adjudication Faisalabad for further proceeding.
Meanwhile, Deputy Director Customs Riaz Hussain issued transfer order of four sepoys with immediate effect.
Three Sepoys including Shakeel-ur-Rehman, Hafiz Muhammad Usman and Ali Raza has been transferred from Regional Office Faisalabad to Field Investigation Office Multan whereas, Asad Iqbal has been transferred from Field Investigation Unit Khushab to Faisalabad.
