KARACHI: The Federal Board of Revenue (FBR) has advised Chief Collectors North, Central, Appraisement and Enforcement to ensure fulfillment of requisite requirements under SRO 678(I)/2004 and necessary action be taken in order to settle the outstanding audit paras regarding concessionary imports by petroleum companies before upcoming Public Account Committee meeting.
Since the inception of the SRO 678(l)/2004, the E&P companies are importing vehicles/helicopters and other equipment apart from machinery at concessionary rates. The E&P companies are required to abide by the conditions given in the above SRO.
It has been observed that the customs field formations pay little attention to the implementation of above mentioned conditions of the SRO. The issue has time and again been highlighted by the Audit in various PDPs since the operation of the SRO.
These PDPs are still pending due to non reconciliation/non-recovery and lack of on time integration of E&P companies’ software with the Customs Soft ware of import/export clearance.
The FBR has advised all the Chief Collectors that field formations under their administrative control may be directed to fulfill requisite requirements and necessary action be taken in order to settle the outstanding paras before upcoming PAC meeting which may be held shortly.