KARACHI: The MCC Appraisement West has circulated an Assessment Alert directing all concerned assessing officers to be vigilant and any GD of pharmaceutical packing material filed without IOCO quota approval number shall not be granted exemption under 5th Schedule of Customs Act, 1969.
It had come to the notice that clearing agents / importers are filing GD’s pertaining to pharmaceutical packing material ( glass vials etc) without selecting quota type and quota approval number in the system and claim incorrect/ irrelevant serial numbers / table of part II of 5th schedule of Custom Act, 1969.
It has now been notified that in order to claim the exemption under Table D of 5th schedule, the trader shall possess valid quota issued and fed in the system by IOCO; this quota shall be claimed on line at the time of filing of GD.
If the quota is not claimed online, the exemption to the packing material under Table D of 5th schedule is not admissible.
The Collectorate has already recovered Rs12.087 million evaded through the misuse of the schedule. This sum has been recovered from 11 importers including M/s Fynk Pharmaceutical, M/s Medicaid Pakistan, M/S Astellas Pharmaceutical, M/s elite Pharma, M/s Indus Pharma, M/s OBS Pakistan, M/s Zafa Pharmaceutical, M/s Noramed Pharmaceutical, M/s Genix Pharma, M/s PDH Laboratories and another.