FTO seeks report on pending revenue recovery in gold jewelry sector

KARACHI: Federal Tax Ombudsman (FTO) has taken notice of the news regarding pending recovery in gold and jewelry sector where some exporters of jewelry failed to repatriate foreign exchange and Customs Department did not take cognizance in the matter due to jurisdictional issue.

Directorate General of Internal Audit reported pending recovery in gold and jewelry sector, where some exporters of jewelry failed to repatriate foreign exchange and customs department did not take cognizance in the matter.

The FTO has asked Chairman FBR to provide details regarding cases reported to FBR by Customs Internal Audit and actions initiated by the FBR in these cases including 14 cases involving Rs63 billion mentioned in the report of Directorate General of Internal Audit.

Although consultation with Law Division as per requirement of Rules of Business have been complied with for ascertaining the status of taking cognizance for non-receipt of remittances, but implementation of requirements of import and export control laws and taking cognizance of  any violation with reference to these laws including alleged misuse of concessionary SRO 266(1) lies on Customs and asked FBR to intimate the factual position along with its comments.

Reportedly, M/s. Makkah Enterprise availed concessional benefit of SRO 266(1)/2001 and by a preplan move avoided duty and taxes worth Rs.916 million. The importer cum exporter hoodwinked the customs department because of the incompetency and inefficiency of Customs Department. FTO has asked FBR to intimate the latest measures/result taken so far in this case in respect of reported/alleged offence.

Print Friendly, PDF & Email
Bookmark the permalink.

Comments are closed