FBR unearths Rs716m tax evasion in steel bar clearance
The Directorate General of Intelligence and Investigation of the Federal Board of Revenue (FBR) has unearthed duty and tax evasion of Rs716.27 million in the clearance of steel bars at Hyderabad Collectorate. Karachi’s Customs Intelligence Regional Office has lodged a First Information Report (FIR) against the culprits. The steel, initially cleared at the Hyderabad Collectorate, was later found to be used in a construction project in Karachi. The FIR was submitted before the special judge (customs, taxation and anti-smuggling) in Karachi. As of June 30, 2023, the calculated surcharge amounted to a staggering Rs665.31m, with the value of the cleared goods reaching an impressive Rs2.178 billion. The report shows that, based on initial inquiries, the accused individuals committed the predicate offence by exploiting another company. This company was implicated in the illicit removal of 14,392 tonnes of iron and steel waste, scrap and silico manganese from a private bonded warehouse.