KARACHI: The Federal Board of Revenue (FBR) has asked Pakistan Customs to recover tax worth millions of rupees from M/s Lucky Cement Limited as company found guilty of tax evasion in duty and tax remission for exports (DTRE) research report.
The sources informed Customs Today that the FBR authorities during the DTRE research study had observed that facility granted to M/s Lucky Cement Limited was not admissible on the following grounds mentioned in its profile and asked Pakistan Customs to recover evaded duty/taxes from M/s Lucky Cement Limited.
Subsequently, the team of duty and tax remission for exports (DTRE) research study informed Pakistan Customs that the applicant (M/s Lucky Cement Limited) enjoyed inadmissible benefits in respect of import of shredded tyres scrap (cut into pieces), which was a petroleum product.
The DTRE research study further revealed that the M/s Lucky Cement Limited has not mentioned export value of shredded tyres. It further revealed that the import goods by M/s Lucky Cement Limited were not exported, therefore according to the DTRE any input good is to be exported and used as raw material in making product.
“The M/s Lucky Cement Limited imported consignments worth over Rs 500 million from different Collectorates including Hyderabad Collectorate, Peshawar Collectorate and MCC-Port Muhammad Bin Qasim in last three years from the year 2011” it stated.
“Further investigation in this regard is being continued in order to find more anomalies in DTRE scheme made by M/s Lucky Cement Limited”, sources added.
Finance minister discusses REITs growth with stakeholders
ISLAMABAD:Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb on Saturday chaired a virtual meeting of the Focus Group to...
