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audit financial company tax investigation process business accounting

audit financial company tax investigation process business accounting

Director Nadeem invites additional staff to assess PCA potential of past nine months

byWaqar Ahmed Ansari
17/03/2018
in Karachi, Latest News
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KARACHI: Directorate Customs Post Clearance Audit Director PCA Nadeem Memon called a meeting of the additional staff in the next week in which Director PCA will review the performance of the PCA since nine months.

On Friday, Directorate Customs Post Clearance Audit has detected the evasion of duties and taxes of Rs05.48million committed by M/s Delawar Autos, it is learnt here.

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Sources told Customs Today that M/s Delawar Autos imported new and used vehicle-excels, engine parts and other items and got them cleared from Port Qasim Karachi vide GDs on October 16, 2017 by paying customs duty at 10 percent after claiming the benefit of the SRO 562/2007.

However the subject items were correctly classifiable under the PCT 4528.2489 attracting customs duty at 14 percent and income tax at 12 percent, thus, by way of mis-declaration of classification, the company evaded/short-paid Rs05.48million. The goods were cleared by Head Examiner Mustafa Ahmed Bolgrami.

Sources said that the importer violated the provisions of Section 23 (2) & (9A) of the Customs Act-1969, Section 46 read with Section 69 of the Sales Tax Act-1990 and Section 121 of Income Tax Ordinance-2001 punishable under clauses (85) and 93 of Section 457(9) of the Customs Act-1969, Section 75 of the Sales Tax Act-1990 and Section 66 of Income Tax Ordinance-2001 and Section 7-A of the Sales Tax Act-1990 read with chapter X of the Sales Tax Special Procedure Rules-2007 (Special procedures for payment of sales tax by the importers) and under relevant provisions of Income Tax Ordinance-2001.

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