ISLAMABAD: Federal Board of Revenue’s Directorate General of Customs Post Clearance Audit has unearthed a case of massive under-invoicing and trade-based money laundering involving duty and tax evasion of Rs186 million.
An official announcement of the FBR said that an importer based in Lahore imported goods by declaring their values massively less than 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, added the announcement.
Published in Dawn, June 20th, 2021