KARACHI: Post-clearance audit Customs has revealed tax evasion of billions of rupees through misuse of SRO.
According to the document, 1268 importers have been identified in the misuse of SRO 492, who have evaded duty taxes through 9364 goods declarations.
According to Director Post Clearance Audit Shiraz Ahmad, importers have evaded duty of more than 27 billion 50 crore rupees through SRO 492. Imported raw materials processed under SRO 492 were not exported in 18 months.
He said that in 2014, 1268 importers made imports under incentive SRO 492. Cases have been registered against importers involved in misuse of SRO. Directorate Post Clearance Audit Customs is also taking legal action in this regard.
It has been reported that the importers made huge profits by importing raw materials under SRO 492 and selling them in the local market. By misusing SRO 492, the competitive environment in local markets was affected.
