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Govt losing millions on import of galvanized steel sheets in garb of alloy steel

Govt losing millions on import of galvanized steel sheets in garb of alloy steel

KARACHI: Federal Board of Revenue is facing loss of millions of rupees in terms of tax evasion on mis-declaration on the importation of galvanized steel sheets in the garb of alloy steel sheets in the coil of secondary quality, it is learnt here.

Sources on the condition of anonymity informed Customs Today that the consignments of galvanized steel are being cleared on mis-declaration and in the garb of alloy steel sheets, which is damaging the national exchequer.

They further told this scribe that the commercial importers were releasing their consignments of galvanized steel sheets on declaring those consignments of alloy steel sheets in coil of secondary quality.

“The consignments of alloy steel sheets are being cleared against the payment of government taxes of Rs 22,269 per metric tonne and on 5 per cent customs duty, whereas the consignments of galvanized steel were being cleared on the duties/taxes of Rs 35,111 and on 20 per cent customs duty,” they added.

“Loss of millions of rupees is reportedly witnessed on the import of galvanized steel consignments on declaring those consignments as alloy steel sheets with the assistance of authorized officials,” they asserted.

They further claimed that through a letter this illegal activity has been brought into the knowledge of the authorities concerned of the Customs Directorate of Intelligence and Investigation-FBR.

“The FBR authorities should take immediate and effective action in this regard to recover the revenue loss on the tax evasion of millions of rupees,” they added.