Friday, 19 August 2022

FBR unearths massive tax evasion

Collectorate of Customs Export, Port Muhammad Bin Qasim (PMBQ) has identified a massive tax evasion in the import of “rejected plastic rolls waste“.

According to media reports, a packing company has taken a NOC from the Karachi Export Processing Zone (KEPZ) authority for the import of a consignment, of “Rejected Plastic Rolls Waste Assorted sizes and Microns” for further processing.

As per the facts of the case, the clearing agent of the company has filed a Goods Declaration (GD) declaring thereby the description of goods as “Rejected Plastic Rolls Waste Assorted sizes and Microns” valued at US$ 3366.6.

When container landed and its transportation to the Export Processing Zone (EPZ), the collectorate had carried out a physical examination to verify the authenticity of the declaration made through GD that resulted in the recovery of CTCP Printing Plates assorted size instead of the goods declared in GD.

After physical examination was done, it was identified that the said company, an investor of KEPZ with the active connivance of their clearing agent have knowingly & willfully attempted to evade the chargeable duty & taxes to the tune of Rs9.459 million on the import of CTCP printing plate valuing US$97,161.6. An FIR has been lodged and further investigation is in process.

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