ISLAMABAD: Federal Board of Revenue (FBR) Directorate-General (DG) Customs Post Clearance Audit has unearthed a case of massive under-invoicing and trade-based money laundering on the case forwarded by the chief collector of customs appraisement South Karachi.
Divulging the details, the press release stated that an importer based in Lahore imported goods by declaring 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 a 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.