KARACHI: The Directorate General, Post Clearance Audit PCA, Directorate Karachi has detected tax evasion of over Rs 2.131 million by M/s TR Traders by availing undue benefits of SRO 659(I)/2007 on import of Uncoated Polyester Film. An audit observation has also been issued to the importer.
According to details, during audit of import clearances made under different concessionary SROs, it has been found that M/s TR Traders imported four consignments of Uncoated Polyester film (Milky White) by mis-declaring the goods under PCT Heading 3920.6310, and availed benefit of SRO 659(I)/2007 dated 30.08.2007, whereas the goods are correctly classifiable under PCT Heading 3920.6200 on which concessionary rate of duty/taxes is not available under SRO 659(I)/2007 dated 30.08.2007.
In identical imports made by the other importers, assessing group has categorically rejected the declared classification of goods under PCT heading 3920.6310 as well as claim of concessionary rate of Customs Duty @ 5% under SRO 659(I)/2007 dated 30.08.2007, on the ground that the imported items i.e. Uncoated Polyester film (Milky White) is correctly classifiable under PCT 3920.6200 chargeable to Customs Duty @ 20% Sales Tax @ 17% and WHT @ 6 %.
It is, therefore, clear that M/s TR Traders, Karachi with active involvement of their Clearing agent M/s Naseem International has willfully and knowingly misdeclared the imported goods under PCT heading 3920.6310 in order to avail the concessionary rate of duty taxes.
Therefore, M/s TR Traders, Karachi has been instructed to pay the evaded taxes/duties at the earliest.
RCCI urges establishment of German Trade Desk to boost bilateral trade
RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) has called for establishing a dedicated German Trade Desk in Pakistan...
