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44 units of AFU causes loss of Rs5.429m to national kitty

44 units of AFU causes loss of Rs5.429m to national kitty

ISLAMABAD: It is disclosed in a report by Federal Board of Revenue that 44 units of Deputy Collector Customs, AFU, Airport, Lahore failed to submit the export documents against temporarily exported goods which resulted in loss of government revenue of Rs 5.424 million.

Sources told Customs Today that FBR has directed customs Collectorate that issued them notices and recovered the amount. FBR has pointed out that according to SRO 1065(1)72005 dated 20th October, 2005 the whole duty and taxes shall be exempted on temporary importation of goods for subsequent exportation within the stipulated period subject to certain conditions.

The importer shall submit a bank guarantee along with post-dated cheque equivalent to the recovery of duty & taxes. The importer shall export temporarily imported goods after due processing within  one year which shall be automatically extended upon request only up to a further period of six months and that the utilization period shall in no case be extended beyond eighteen months.

Sources told that forty four units of deputy collector Customs AFU Lahore, failed to submit the export documents. The encashment notices were issued. The post-dated cheques were bounced due to insufficient funds in the account of the units.

No further action, as per law, was taken by the department to recover the government dues which resulted in loss of government revenue recovering to Rs. 5.424 million. The FBR directed to hold an inquiry, fix the responsibility and take action under E&D Rules.