KARACHI: MCC Appraisement Lahore has recovered Rs112 million as an audit of bonded warehouses and DTRE found massive revenue evasion through clandestine removal of goods from the bonded warehouses.
Earlier in November 2018, on the information of Collector Lahore Nasir Jameel, Additional Collector Saima Aftab undertook an exercise and scrutiny of a couple of bonded warehouses found clandestine removal of non-duty-paid raw material from the warehouses to the local market. An FIR in this regard was also lodged against Muhammad Shoib and Muhammad Asad of M/s City Steel Industries, Lahore.
Subsequently, Collector Nasir Jameel tasked Additional Collector Rashid Munir to conduct an audit and affect recoveries. A total of Rs112 million have been recovered including Rs49 million from M/s New Shalimar Steel, Rs23 million from M/s Shalimar Steel and Rs11 million from M/s Reshma Tex. Moreover, Rs14 million have been recovered from M/s Alam cotton, Rs11 million from M/s Tetra pak, Rs2.0 million from M/s Serena Industries and Rs2.0 have been recovered from M/s Zypher Textiles relating to DTRE.
The companies had imported steel and other raw material without payment of duty and taxes. According to the law, the raw material had to be converted into finished goods and re-exported within two years. However, MCC Lahore received information that the raw material and finished goods were being removed to local market without payment of government’s legitimate revenue.