KARACHI: The Directorate of Post-Clearance Audit (PCA) South has uncovered a massive duty and tax evasion racket involving the misuse of the Statutory Regulatory Order (SRO) 492 scheme.
According to the details, the Directorate after audits and physical verifications, found two non-existent entities and these fraudulent companies wrongfully claimed exemptions under SRO 492.
This SRO allows duty-free imports for exporters, but these companies failed to fulfil any actual export obligations. Their modus operandi involved illegally importing fabrics, PU leather and other goods without paying the required customs duties and taxes. Both companies have evaded a staggering around Rs220 million in taxes through 15 import shipments from August 2019 to January 2022.
Consequently, the PCA South has lodged two FIRs against these companies and special teams under the supervision of DG PCA Chaudhry Zulfiqar Ali and Director PCA South Sheeraz Ahmed have been formed to identify the masterminds and initiate strict legal action to recover the defrauded tax revenues.
Copyright Business Recorder, 2024
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