MULTAN: The Model Customs Collectorate Multan has unearthed the mis-declaration of Rs 5.437 million in the import of high carbon steel wire rod (HCSWR).
Ahmad Industries (Pvt) Limited has imported 141.392 metric tons of consignment of high carbon steel wire rod.
It claimed its import consignment of HCSWR under PCT Heading 7213.9190 at the rate of 10 percent customs duty. Ahmad Industries (Pvt) Limited has declared the imported goods of worth Rs 3.926 million under SRO 659(i)/2007 and claimed exemptions of customs duty under the same head at 5 percent. Customs duty and regulatory duty during the imported consignment of 15 percent was paid during the import of HCSWR.
During examination of tag attached with the import goods, the chemical composition of the ratio of boron has been found at 0.0015 percent. The ratio of boron found in the chemical examination was 0.0020 percent.
Alloy steel wire rod in customs tariff is classified and exists under PCT Heading 7227.9000 in which customs duty of 20 percent is payable and regulatory duty payable at 15 percent, but Ahmad Industries Khanewal and the clearing agent declared a false declaration of description and claimed a wrong PCT heading attracting lower rate of customs duty to evade customs duty and other chargeable taxes.
The payable amount of all taxes during the import of HCSWR includes customs duty at 20 percent, regulatory duty at 15 percent, sales tax at 17 percent and income tax at 5.5 percent, which becomes almost Rs 5.437 million.
