ISLAMABAD: A major tax evasion scandal has surfaced in Pakistan’s oil industry after thousands of metric tons of imported petrol allegedly went missing from a customs bonded warehouse, resulting in a significant loss to the national exchequer.
According to official documents, a private petroleum company secretly transferred petrol worth Rs2.38 billion from a customs bonded warehouse, allegedly causing an estimated Rs1.25 billion loss to the national treasury in unpaid duties, taxes and levies.
The alleged tax evasion came to light during scrutiny of the company’s imported petroleum consignments. A physical inspection of stock at the customs bonded warehouse at Bin Qasim Port reportedly confirmed the discrepancy.
The documents state that the company imported 18,048 metric tons of petrol through three consignments. However, a physical stock inspection found only 9,699 metric tons of petrol in the bonded warehouse, while 8,348 metric tons were reported missing from the company’s inventory.
Investigations against the private company are ongoing. According to the documents, records have also been sought from PEPCO as part of the inquiry.
The development comes after another petroleum company previously faced a separate multi-billion-rupee tax evasion case, in which the Federal Board of Revenue (FBR) recovered nearly Rs5 billion from the company.
