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Tax evasion committed by M/s Wasif & Sons uncovered

Tax evasion committed by M/s Wasif & Sons uncovered

KARACHI: The Research and Development Section of the Model Customs Collectorate Appraisement-East has detected a case of tax evasion of Rs12.50million by importer M/s Wasif & Sons on misusing the SRO811 (me) /2009.

Source said the company imported two consignments of curtain fabrics. When the R&D Section conducted inquiry and physical inspection of the consignments then it was revealed that the M/s Wasif & Sons had no facility of manufacturing of mono-filament curtain fabric.

Source said that the misuse of exemption has been established by the fact that the consignments at the port were intercepted by R&D Section and, sensing it, the importer did not claim the benefit of SRO in the GD.

“The M/s Wasif & Sons have so far availed exemption of duty/taxes to the tune of Rs12.50million on consignments imported through this collectorate since June 5, 2015.

Source further claimed that necessary proceedings have been initiated for violation of the relevant provisions of the Customs Act-1969 and massive evasion of duty/taxes was unearthed.

Further progress with regard to the said importer and other such entities involved in this case will be made available to the board in due course.