KARACHI: The Directorate General of Intelligence and Investigation (I&I-FBR) has recovered some Rs 23.431 million, evaded/short paid duty and taxes from M/s Atlas Steel and Engineering Company.
The official sources told Customs Today that an Intelligence Alert bearing C.No 1 (25) DGCI/Enf/HQRS/2014/3168, communicated by Directorate General of Intelligence and Investigation FBR Headquarters Islamabad regarding import and clearance of LED lights, claiming undue and unlawful exemption of duty taxes against S No 24 of Fifth Schedule to the Customs Act, 1969, S No 15.2 of Table 3 of Sixth Schedule to the Sales Tax Act, 1990 and clause 77, Part-IV, Second schedule to Income Tax Ordinance 2001, was received.
And, the Directorate General of Intelligence and Investigation FBR Customs Enforcement Karachi diligently and efficiently processed a case of inadmissible exemption of duty and taxes on the import of LED lights by M/S Atlas Steel and Engineering Company Karachi involving duty and taxes to the tune of Rs 23.431 million which was only available to SMD, LEDs with or without ballast with fittings and fixtures for promotion of renewable energy technologies, sources added.
When confronted, M/s Atlas Steel and Engineering Company, Karachi readily and voluntarily paid the evaded amount through pay orders of the short paid duty/taxes , the sources concluded.
