ISLAMABAD: The Federal Board of Revenue (FBR)’s Directorate General of Customs Post Clearance Audit has unearthed case of massive under invoicing and trade-based money laundering on the case forwarded by Chief Collector of Customs Appraisement, South Karachi.

Divulging the details, the FBR said that an importer based in Lahore imported goods by declaring values massively less than the actual values. The exporter of the goods in a foreign country has confirmed that invoice value declared by the importer is grossly under invoiced and actual invoices have not been declared with customs, instead fake and tempered invoices have been presented.

After detailed audit and investigation of the case, an FIR has been registered against the importer. The duty and taxes evaded in the case are to the tune of Rs186 million.

Copyright Business Recorder, 2021