MULTAN: Collectorate of Customs detected tax evasion of Rs18.734 million in wake of Petroleum Development Levy against M/s Pakistan State Oil Company Limited (PSO) during an audit.
Assistant Collector Muhammad Ikram conducted an audit of the ex-bonded High Speed Diesel Oil (HSD) of 4153923 liters cleared through Multan Dry Port by M/s Pakistan State Oil Company Limited. Multan Customs observed during the audit that M/s PSO applied the rate of petroleum levy @Rs2.59% per liter instead of applicable rate @Rs 7.1 per liter under SRO (I)/2013 dated 31st January 2014.
M/s Pakistan State Oil Company Limited has paid Petroleum Development Levy of Rs10.758 million with the rate of Rs2.59 per liter but the actual duty amount was Rs29.492 million with applicable rate of Rs7.1 per liter which resulted in short realization of almost Rs18.734 million. The amount of Rs18.734 million is recoverable from against M/s Pakistan State Oil Company Limited PSO House, Khayaban-e-Iqbal Clifton Karachi under sub-section (3A) of Section 32 of the Customs Act 1969.
The Customs Collectorate has framed a contravention report against M/s Pakistan State Oil Company Limited for tax evasion and forwarded the case to Customs Adjudication for legal trial.