Customs PCA detects tax evasion of Rs12.58m by M/s Magnetic Printers


The Directorate of Customs Post Clearance Audit on Wednesday detected duties and tax evasion of Rs 12.58 million by M/s Magnetic Printers, it is learnt here.

Sources told Customs Today that M/s Magnetic Printers imported two consignment of  heavy commercial tuners and erasing parts and got it cleared from the PICT Karachi  on 18 November 2017, by paying customs duty at 10 percent after claiming the benefit of the SRO 568/2007.

However, the subject items were correctly classifiable under the PCT 3698.2107  attracting customs duty at 14 percent and income tax at 10 percent, thus, by way of mis-declaration of classification, the company evaded/short-paid Rs 12.58 million. The goods were cleared by Appraiser Ishtiaq Wajid.

Sources told that the importer violated the provisions of Section 82 (9-A) of the Customs Act-1969, Section 39  read with Section 68 of the Sales Tax Act-1990 and Section 24 of Income Tax Ordinance 2001 punishable under clauses (136) of Section 187(2) of the Customs Act-1969, Section 48 of the Sales Tax Act-1990 and Section 36 of Income Tax Ordinance 2001 and Section 2-B of the Sales Tax Act-1990 read with chapter Y of the Sales Tax Special Procedure Rules 2007 (Special procedures for payment of sales tax by the importers) and under relevant provisions of Income Tax Ordinance 2001.

According to sources, PCA has forwarded 23 cases to Customs Adjudication in last two months.