PQ MCC unlikely to collect 3 percent VAT

Model Collectorate of Customs, Port Qasim has appeared feckless to collect three percent Value Additional Tax (VAT) from commercial importers that led to provide a financial shock of Rs 2.87 million to the kitty; it was learnt here on Saturday. According to sources, the Directorate Internal Audit (Customs) detected serious discrepancies during audit of bulk import/manifest clearance department/off-docks terminal/chapter 72 to 83 (WeBoc and one Customs) section for the period 2013-14.
They said MCC Port Qasim Model Collectorate of Customs, Port Qasim, was supposed to impose and collect three percent VAT at import stage from commercial importers under Rule 588 of the Sales Tax Special Procedures Rules, 2007 notified vide Notification No SRO 480(1)/ 2007, dated June 9, 2007. Consequent upon detection, the Directorate Internal Audit in its written communication asked MCC Port Qasim to justify this omission or put efforts to recover the said amount, they maintained.