AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

Model Customs Collectorate (MCC), Port Qasim foiled an attempt of evading Rs 22.13 million taxes by steel importer.
According to an FIR, M/s M.M Steel Daska imported five consignments of tin mill black plate coils of secondary quality and galvanised steel sheets in coils of secondary quantity.
The collectorate has received a request for amendment in IGM for changing the name of importer from M/s M.M Steel Daska Sialkot to M/s Sher Steel Furnace and Re-rolling mills, Dargai, Malakand with the rationale that the said goods imported in the name of M/s M.M Steel Daska belong to M/s Sher Steel but the same have been wrongly manifested in the name of M/s M.M Steel.
The application was examined and the same was rejected based on the grounds of loss of revenue and if allowed, M/s Sher Steel will claim exemption of sales tax and income tax as per law.
Upon rejection, another application was received in the name of M/s Sher Steel with the request to allow re-export of the subject goods. This created a reasonable doubt regarding attempt to claim inadmissible exemptions of taxes. Therefore, a letter was issued to the M/s M.M Steel endorsing a copy to M/s Sher Steel letter.
In reply, M/s Sher Steel submitted undertaking that they were not aware of any business of M/s M.M Steel. This lead to the conclusion that M/s M.M Steel used the name of M/s Sher Steel and tried to obtain the benefit of tax exemption granted to FATA/PATA under sixth schedule for sales tax and under clause 10 of part IV of the Income Tax Ordinance. Therefore, it is transpired that M/s M.M Steel has deliberately attempted to evade sales tax and income tax to the tune of Rs 22.13 million of taxes by submitting fake documents.

Copyright Business Recorder, 2020

Comments

Comments are closed.