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Customs starts audit of telecommunication companies

Customs starts audit of telecommunication companies

KARACHI: The Directorate General of Internal Audit-Customs has initiated the audit of the telecommunication sector and its imported equipments according to the 5th Schedule List, it is learnt.

Sources informed Customs Today that the authorities concerned of Internal Audit after the removal of SRO575 in the budget 2014-15 has started audit of the sector.

“The Directorate General of Internal Audit-Customs is going to initiate the audit of the telecommunication sector countrywide,” sources added.

In the first phase of the audit, the officials have found that the telecommunication companies have filed goods’ declarations (GD) on import of equipments at different tariff and customs duty.

“The importers in telecommunication sector have filed GDs at different customs duty i.e. at 2 percent, 5 percent and 10 percent against the clearance of their consignments. However; the customs duty under SRO-575 in clearance of telecommunication equipments was fixed at 5 percent,” sources revealed.

They added that the audit process was underway and more details regarding tax evasion and revenue shortfall would be unearthed in the upcoming days.