1268 importers implicated in massive duty evasion scheme
KARACHI, Feb 16:A recent post-clearance audit conducted by Customs in Karachi has unearthed a staggering case of tax evasion, revealing misuse of Statutory Regulatory Order (SRO) 492 to evade duties worth billions of rupees. The audit identified 1268 importers involved in the scheme, which encompassed a total of 9364 goods declarations.
Director of Post Clearance Audit, Shiraz Ahmad, disclosed that importers exploited SRO 492 to evade duty taxes amounting to over Rs. 27.05 billion. Shockingly, imported raw materials designated under SRO 492 were not exported within the stipulated 18-month period, indicating a blatant disregard for regulatory requirements.
The audit traced back to 2014, where importers capitalized on the incentives provided by SRO 492 to bolster their profits. Legal action has been initiated against those found guilty of misusing the SRO, underscoring the seriousness of the offense.
Reports indicate that importers reaped significant financial gains by importing raw materials under SRO 492 and subsequently selling them in the local market. This illicit practice not only facilitated tax evasion but also disrupted the competitive landscape within local markets.
In response to these revelations, the Directorate of Post Clearance Audit Customs is intensifying its efforts to clamp down on such fraudulent activities and uphold the integrity of the customs system. The findings of this audit serve as a stark reminder of the importance of stringent oversight measures to combat tax evasion and maintain a level playing field for businesses.
