ISLAMABAD (November 21 2005): The Central Board of Revenue (CBR) has decided not to sell the confiscated petroleum products particularly Iranian petrol in the open market. The CBR has issued instructions to all the collectors of customs that the confiscated POL products should only be sold to the refineries like ARL and NRL.
Sources told Business Recorder on Sunday that the selling of confiscated POL in the open market had created many complications.
First, Iranian POL products smuggled to Pakistan have high content of sulpher, which damage the engines of vehicles.
Secondly, the official receipts buying confiscated POL products in the open market were being used again for smuggling of POL products. The modus operandi applied by certain persons showed that same purchase document were repeatedly submitted to the customs, claiming that they were transporting POL products on these receipts for the first time.
Recently, some of the collectors of customs submitted a proposal to the CBR to again permit selling of these products in the open market. However, the tax authorities turned down the proposal, sources added saying that refineries had inked contracts with the CBR for purchase of confiscated POL products on the basis of international price.
