ISLAMABAD: Customs Adjudication Deputy Collector Kaukab Farooq has ordered Peshawar Customs to recover evaded advance income tax amounting to Rs 212,940 from M/s Naveed Trading, besides directing the company to pay Rs 25,000 as fine.
As per details, Customs and Petroleum Audit director general made an audit of import for fiscal year 2014-15 and observed that under Section 148 of Income Tax Ordinance, 2001, collector is authorised to collect advance income tax from importers and exporters on the items, which are imported or exported. The customs is authorised to collect one percent tax from importers/exporters who are also the manufacturers, and three percent from commercial importers of finished goods and products under Clause 9 (c) of Section 148 Part-II of the Income Tax Ordinance, 2001.
Meanwhile, Customs Imports deputy collector while scrutinizing the record found that customs authorities did not give importance for collection of three percent income tax from importer, M/s Naveed Trading, causing loss of Rs 212,940 to national kitty.
After the investigation, a notice was served on M/s Naveed Trading and a reminder regarding contravention report was also sent to it in 2016, but the importer did not submit any reply.
The adjudication deputy collector summoned the company repeatedly to present its point of view, but nobody appeared before the court.
Therefore, the deputy collector in the light of available evidence ordered the Peshawar Customs to recover evaded amount of tax from the company. The customs authorities have been directed to deposit tax to national exchequer after recovering it.
