KARACHI: Directorate of Post Clearance Audit (PCA) has detected tax evasion of Rs 2.4 million in six consignment of molding machine raw material.
The directorate issued a notice to M/s Farooq Associates to deposit their tax with fine of Rs 120,000. Officials told Customs Today that with the help of clearing agent, the company allegedly passed six consignments from December 2015 to January 2016 with the misuse of SRO 556.
The department audit M/s Farooq due to some reservations and during investigation it revealed the said company involved in tax evasion of Rs2.4 million with the misuse of SRO 556. The SRO 556 cannot be applied on the raw material of molding machines. After completed the audit the Directorate of Post Customs Clearance issued notice to M/s Farooq Associates to deposit short payment with fine within 14 days otherwise department will take strict legal action against them.
