KARACHI – A known Pakistani Cement Manufacturer was found guilty of Rs2.4 Billion tax evasion as Post Clearance Audit (PCA) South uncovered funds swindling amounting. The cement maker is accused of misusing four export tax exemption schemes, including the Manufacturing Bond, DTRE, Temporary Import (TI) under SRO 492, and the Export Facilitation Scheme (EFS), resulting in severe financial losses to the national kitty. The probe started after a detailed analysis of customs and sales tax data revealed several irregularities, prompting inspection of the manufacturer’s factory. During the detailed examination of the books, the audit team discovered thatthe  factory imported large quantities of clinker and packing materials, but failed to fulfill the required export commitments under the exemption s scheme. A stock assessment later revealed that out of the 463,334 MT of clinker imported, only 62,000 MT was available at the factory, with a staggering 395,000 MT missing. This suggested that the missing goods had been either stolen or illegally sold in the domestic market. The probe also debunked manufacturer’s claim that 15,000 MT of clinker had been stored at dry ports in Taftan and Gwadar, as no evidence could be found to support the assertion. The company reportedly abused tax exemptions to make substantial imports without fulfilling the necessary export conditions. Meanwhile, a case been lodged under Section 32A of the Customs Act for fiscal fraud, initiating an in-depth investigation to identify all individuals involved in this sophisticated scam. More from this category Copyright ©2024. Reproduction of this website's content without express written permission from 'Daily Pakistan' is strictly prohibited.