ISLAMABAD: The Customs Auction Cell of the Model Customs Collectorate (MCC) Islamabad generated Rs40.639million through a public auction of impounded vehicles and smuggled goods on 11th of December Fiscal Year 2017-18.
According to details explained by Assistant Collector Majid Hussain Gadd that the money earned through auction will be used for meeting the assigned target for 3nd Quarter (January to March) FY17-18. He informed CT that the Auction Cell of Islamabad will hold another auction during current month of FY17-18.
Collector Islamabad Dr. Saeed Khan Jadoon appreciated the Auction Cell for conducting the auction in an organized manner. Mainly the businessmen of Rawalpindi, Islamabad and Peshawar participated in the said auction. The auction was organized by the Alvi Auctioneers along with the customs staff of the MCC Islamabad under the supervision of Deputy Collector and Assistant Collector Auction according to the Customs Act-1969.
The auctioneers deposited 25% amount on the spot out of the total worth of the lots they purchased through auction. The Auction Cell collected a total amount of Rs38.120million by selling the impounded vehicles whereas the Auction Cell earned Rs34.655million through auction of 35 vehicles out of 65 ones and earned Rs3.465million of Income Tax imposed on auctioned vehicles.
The Auction Cell also received Rs2.29million by auctioning off four lots of confiscated goods while it collected Rs0.229million as Income Tax from said auctioned goods. The total revenue earned through the sale of goods was estimated Rs2.519million.