MULTAN: The Federal Board of Revenue (FBR) has initiated the process of auctioning a substantial quantity of confiscated diesel oil, inviting sealed bids from interested parties.
The auction, conducted on an ‘as is where is’ basis, pertains to diesel oil seized by the Directorate of Intelligence and Investigation (Customs) Multan, FBR, at their field Intelligence Units in Multan and Faisalabad.
The official communication from the FBR outlined the specifics of the auction, detailing that a total of 12,580 liters of confiscated diesel oil are up for bidding, with 9,880 liters located at the field Intelligence Unit in DG Khan, and 2,700 liters in Faisalabad.
As per the prevailing laws, a 10 percent withholding tax will be applicable on the accepted sealed bids quoting high-speed diesel. Interested and eligible bidders are required to submit sealed bids quoting their per liter price for the foreign-origin diesel, exclusive of the 10 percent withholding tax.
Additionally, they are instructed to include 25 percent of the bid price in the form of a pay order, issued by a duly registered Oil Marketing Company (OMC) or authorized government organization, in favor of the collector, Model Customs Collectorate (Enforcement), Multan.
The deadline for submitting the sealed bids, either in person or through registered mail/courier, is April 24, 2024. Bids must be received by 1300 hours on the specified date to be considered for the auction. Late bids will not be entertained, and incomplete or conditional bids will be rejected.
The sealed bids will be opened in the presence of a committee from the Directorate of Intelligence and Investigation (Customs) – FBR, Multan, along with representatives of the bidders, at 1500 hours on April 24, 2024. The process will take place in the office of the Deputy Director Intelligence and Investigation (Customs) – FBR, Multan.
Various terms and conditions have been outlined for the auction, including the requirement for eligible bidders to provide proof of their entitlement for the purchase and/or sale of the confiscated diesel oil. Only authorized employees from Oil Marketing Companies (OMCs), carrying original identification and company service cards, will be permitted to represent their organizations during the auction process.
Furthermore, the competent authority reserves the right to accept or reject any bid, either before or after the auction, and the place of delivery for the purchased diesel oil will be the respective station where the goods are currently located.
The FBR emphasizes that any bidders found engaged in corrupt or fraudulent practices, including collusion or pooling, will be declared ineligible for participation, either indefinitely or for a specified period.
It is important to note that the quantity of high-speed diesel oil available for auction may vary due to unavoidable circumstances such as leakage or environmental conditions.
The auction of confiscated diesel oil by the FBR presents an opportunity for interested parties to acquire the product through a transparent and regulated process, contributing to revenue generation for the government while ensuring compliance with applicable laws and regulations.
