Imported Yacht Sample Clauses

Imported Yacht. At paragraph 7.6.2 of the Audit Report for the 18-month period 1 January 2015 to 30 June 2016, mention was made that the HS Code of a yacht imported by a Company was wrongly classified, resulting in an underpayment of VAT amount of Rs 11,405,620. As of 30 June 2017, the amount due totalled Rs 23,265,902, inclusive of penalties and interests. In April 2013, the Company produced documentary evidence that ownership of the yatch had been transferred to another Company. However, both Companies had been dissolved in June 2014 and June 2015 respectively. In November 2016, the Attorney General’s Office (AGO) advised to reinstate both Companies and to have a “Saisie Conservatoire” of the yacht. As of November 2017, the two Companies have not yet been reinstated and a “Saisie Conservatoire” applied. Due to lengthy processing time, the yatch has been detained in the Port area for the past five years. Appropriate action should be taken to reinstate both Companies and “Saisie Conservatoire” of the yacht applied to avoid further delay in recovery of the outstanding amount.