The Faceless Customs Assessment System (FCAS) under the Appraisement Collectorates South on Friday prevented an attempt to evade the payment of federal excise duty (FED) worth Rs5.4 billion.
According to a Customs spokesperson, two companies attempted to misdeclare "Acetate Tow" imported from the UAE as "Polyester Staple Fiber" to evade the substantial excise duty. The fraud was detected through physical examination and laboratory tests, which confirmed the misdeclaration and tax evasion attempt.
As a result, cases had been registered under relevant sections of the Customs Act against the companies and their clearing agent. Authorities are currently making efforts to apprehend the nominated suspects involved in the case.