MULTAN: The Customs Collectorate Multan has detected a tax evasion of Rs57.6million against M/s Pakistan State Oil Company.
M/s Pakistan State Oil Company Ltd (PSO) Mahmood Kot, District Muzaffargarh, got cleared various consignments of High Speed Diesel (HSD) through Multan Customs Dry Port. The internal audit team of the customs uncovered the tax evasion of Rs57.63million on Sales Taxes of dutiable petroleum products (High Speed Diesel) of PARCO at the time of ex-bonding.
The Multan Customs observed during the audit that M/s Pakistan State Oil Company applied the rate of Sales Tax @16 % instead of correct applicable rate of Sales Tax @17% which resulted in the short realization of government revenue of Rs5.8million.
Sources told Customs Today that the audit teams found tax evasion that alleged M/s. Pakistan State Oil Company Ltd (PSO) has cleared three various ex-bonded consignmenst of High Speed Diesel from 1st, 2nd and 3rd of July of year 2013. M/s Pakistan State Oil Company Mehmood Kot bonded warehouse received High Speed Diesel worth Rs1797.83million in July 2013 and they paid Sales Taxes of Rs270.882million for the clearance of their HSD.
During the course of audit they were found short by almost Rs57.67million in Sales Taxes. The internal audit team of the customs detected tax evasion of Rs57.67million on Sales Taxes (High Speed Diesel) Petroleum Products of PSO at the time of ex-bonding.
The Customs Collectorate Multan has formed a contravention report under subsection (I) and 3(A) of Customs Act-1969 Act Section 11 of the Sales Tax Act-1990 punishable under section 56(I) (14) of Customs Act-1969 and issued notice to M/s Pakistan State Oil Company under Section 33 (19) of Sales Act-1990. Alleged M/s Pakistan State Oil Company has caused the national kitty a huge monetary loss.
