Cement manufacturer found evading government revenue | CustomNews.pk

Cement manufacturer found evading government revenue

KARACHI: Customs I&I Karachi has detected huge duty/tax evasion by a local cement manufacturer by way of under-declaring the value of clinker imported from Iran. On the information of Director Samina Wajid, It was transpired that a local cement manufacturer M/s Meisr Cement Limited was involved in heavy under invoicing on import of clinker, from Iran. Consequently, Pakistan Embassy at Tehran was contacted to ascertain the real transaction value of clinker. In response, Pakistan Embassy contacted Iranian Customs which provided Goods Declaration filed with Iranian customs. The perusal of documents of Iranian Customs indicated that on Four GDs, which were filed in Model Customs Collectorate, Port Qasim, the cumulative C&F values of the clinker was declared $1.707 million, while the perusal of documents filed with Iranian Customs indicate that the real C&F value of the GDs were 3.618 million. Thus, the importer through manipulation of import documents suppressed the value and committed evasion of duty and taxes amounting to Rs47.304 million. Investigation are underway and the case is also being investigated with the angle of money laundering.
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