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PCA Director Nadeem Memon detects tax evasion of Rs8.24m by M/s Leaders Furniture & Export

PCA Director Nadeem Memon detects tax evasion of Rs8.24m by M/s Leaders Furniture & Export

KARACHI: The Directorate of Customs Post Clearance Audit  (PCA) Director Nadeem Memon detected duties and tax evasion of Rs 8.24 million by M/s Leaders Furniture & Export , Karachi, it is learnt here.

Sources told Customs Today that M/s Leaders Furniture & Export imported a consignment of  furnish wooden and leather covers got it cleared from the PICT Karachi vide GDs 83612 , on 19th December, 2017 by paying customs duty at only 8  percent after claiming the benefit of the SRO 551/2007.

However, the subject items were correctly classifiable under the PCT 2547.2901  attracting customs duty at 12 percent and income tax at 8 percent, thus, by way of mis-declaration of classification, the company evaded/short-paid Rs 8.24  million. During the month of December, 2017 the goods were cleared by Assistant Appraiser Qadeer Baksh.

Sources told that the importer violated the provisions of Section 68 (3-A) of the Customs Act-1969, Section 27  read with Section 59 of the Sales Tax Act-1990 and Section 28 of Income Tax Ordinance 2001 punishable under clauses (478) of Section 348(4) of the Customs Act-1969, Section 48 of the Sales Tax Act-1990 and Section 67 of Income Tax Ordinance 2001 and Section  4-A of the Sales Tax Act-1990 read with chapter X of the Sales Tax Special Procedure Rules 2007 (Special procedures for payment of sales tax by the importers) and under relevant provisions of Income Tax Ordinance 2001.