KARACHI: Post Clearance Audit (PCA) has unearthed revenue evasion of Rs34 million under South Asian Free Trade Agreement (SAFTA).
The PCA also served contravention report on M/S G M Enterprises, M/s Malik Corporation, M/s H.S Unicorn Mart, M/s Horizone International, M/s GNK Enterprises, M/s Al Yousf Enterprises in this regard.
PCA Deputy Director Sajid Baloch, during the audit of import data of Polyester Dyed Ladies Suiting Shirting Fabric/ Polyester Dyed Fabric’ classifiable under PCT Heading 5407.5200, found that these importers were mis-declaring the classification of the imported goods by declaring it under PCT heading 5407.4200 in order to avail inadmissible benefit of reduced rate of Customs Duty under SAFTA.
The subject goods are correctly classifiable under PCT heading 5407.5200 where benefit of SAFTA is not applicable.
The importers imported a large number of consignments of above-mentioned items by mis-declaring and cleared the same on payment of Customs Duty 5.0 percent availing inadmissible benefit of reduced rate of Customs Duty under SAFTA vide SRO 1274 of 2006 from MCC Port Muhammad Bin Qasim.
