A leading local tyre manufacturer has defaulted on the payment of a fine of more than Rs. 261 million that is due to the Customs.
A Customs official said a court case has been filed against the company over this non-payment of import duty for its raw materials imports.
The figure stood at nearly Rs. 8,000 million, which had since been brought down to Rs. 261 million, said the official.Following a suspension in tyre imports, this manufacturer had sold tyres worth around Rs. 5,000 million locally without notifying the Customs and the BOI.
In 2021, it had sold its entire production in the local market to earn massive profits, said the official, although it is permitted to release only 20 per cent locally after the payment of customs levy.
(lankadeepa.lk)
