KARACHI: Directorate of Customs Post Clearance Audit (PCA) Director Nadeem Memon has detected duties and tax evasion of Rs15.44 million by M/s Rizwan Furniture & Export, Karachi, it is learnt here.
Sources told Customs Today on Monday that M/s Rizwan Furniture & Export imported a consignment of brass accessories include (table stands, corner, sofa fittings, and drawer hook) and got it cleared from the PICT Karachi vide GDs on February 12, 2018 by paying customs duty at only 6 percent after claiming the benefits of SRO 560/2007.
However, the subject items were correctly classifiable under the PCT Heading 8735.3504 attracting customs duty at 10 percent and income tax at 8 percent. Thus, by way of mis-declaration of classification, the company evaded/short paid Rs15.44 million in the month of February, 2018. The goods were cleared by Assistant Appraiser Maqsood Siddique.
Sources said that the importer violated the provisions of Section 41 (2-A) of the Customs Act-1969, Section 28 read with Section 35 of the Sales Tax Act-1990 and Section 58 of Income Tax Ordinance 2001 punishable under clauses (247) of Section 487(5) of the Customs Act-1969, Section 63 of the Sales Tax Act-1990 and Section 56 of Income Tax Ordinance 2001 and Section 3-B of the Sales Tax Act-1990 read with chapter X of the Sales Tax Special Procedure Rules 2007 (Special procedures for payment of sales tax by the importers) and under relevant provisions of Income Tax Ordinance 2001.