MULTAN: Collector Customs Adjudication Asif Khan Buzdar adjourned hearing of a case filed against M/s Pakistan State Oil Company Limited until 15th January.
According to details, Customs Collectorate formed contravention report against M/s Pakistan State Oil Company Limited after conducting an audit of the ex-bonded High Speed Diesel (HSD) cleared through Multan Dry Port in which they found tax evasion of Rs18.734 million in wake of Petroleum Development Levy.
M/s Pakistan State Oil Company Limited was issued a show-cause notice due to tax evasion of Rs18.734 million under the head of Petroleum Development levy on the clearance of 4153923 liters High Speed Diesel and they deposited the Petroleum Development levy of Rs2.59% liter instead of applicable rate @7.1 per liter under SRO (I) )/2013 dated 31st January 2014.
Alleged M/s Pakistan State Oil Company Limited deposited petroleum development levy of Rs10.758 million with the rate of Rs2.59 per liter for the clearance of 4153923 liters High Speed Diesel but the actual duty amount was almost Rs29.492 million with applicable rate of Rs7.1 per liter which resulted in short-realization of Rs18.734 million.
Multan Customs Collectorate forwarded said contravention report against M/s Pakistan State Oil Company Limited for tax evasion in the Customs Adjudication where they issued Show-Cause notice for their reply.
M/s Pakistan State Oil Company Limited has not submitted any response and they were not present on hearing of the said case. Collector Customs Adjudication Asif Khan Buzdar adjourned the hearing against M/s Pakistan State Oil Company Limited for 15th January for further proceeding.
