KARACHI: MCC Port Qasim has detected revenue leakage of Rs58.89 million, which the exchequer could suffer as the importers were mis-declaring the classification of imported goods to evade duty and taxes.
Collector Surayya Ahmed Butt had this information that certain importers were hoodwinking duty/taxes through mis-classification; Additional Collector Saeed Akram and Assistant Collector Falik Sher, on her directives, conducted Post Release Verification (PRV) and detected 45 consignments on which the revenue had been evaded. The importers are M/s Atta Cables Pvt Ltd, M/s Universal Metals and Pak Cables.
According to details, the importers imported consignments declared to contain “copper rod in coils size 8mm diameter” and sought clearance. The goods were examined under first examination system for verification of description/PCT/quantity/weight under ‘RED’ category and on physical examination the shed staff reported the goods as copper rod in coils size 8mm diameter.
During the process of Post Release Verification, it was revealed that the goods are Copper Rod in Coil Size 8MM, as the bars & rods are not in coil form and wire is in coil form. As per scanned images goods were found in coil form, therefore, classifiable under PCT heading 7408.1100 (CD 10% + ST 17% + IT 5%). GDs was, therefore, re-assessed and has been classified under appropriate PCT heading, as incorrect statement made in the Goods Declaration due to which the goods could not be assessed properly and duty and taxes were not levied correctly.
Had this willful and deliberate offence gone undetected, government exchequer would suffer a loss of revenue to the tune of Rs58.89 millions.
The contravention reports are being prepared for further proceedings under the provisions of law.