Federal Board of Revenue (FBR) has detected under-invoicing on 17 goods imported from abroad, FBR officials informed Senate Standing Committee on Commerce and Textile said on Thursday
Islamabad (Pakistan Point News / Online - 16th January, 2020) Federal board of Revenue (FBR) has detected under-invoicing on 17 goods imported from abroad, FBR officials informed Senate Standing Committee on Commerce and Textile said on Thursday.The watch-dog is also making preparations to approach court against the importers who allegedly imported over 10 million Dollars IT goods from abroad. The sources said that the banking channels were being monitored to detect what procedures they adopted to transfer money abroad and to check whether the procedure comes under the money laundering crime.
The revelation was made by FBR officials during Senate Standing Committee on Commerce and Textile meeting, lead by Senator Mirza Muhammad Afridi, at the Parliament House. FBR Jawad Awais Agha informed the meeting that as many as 17 importers were importing IT good through under-invoicing.Following the reports about under-invoicing, the department has approached manufacturers for confirmation, adding that a letter has also been dispatched to Singapore High Commission in this regard, he added.
Details regarding payments of the suspected companies have been sought from the manufacturing companies.The letter also sought what procedure was adopted by importers from Pakistan to import IT goods. It is pertinent to mention here that no multi-national company deals in cash payments.Senator Shibli Faraz censured the relevant department officials for their poor performance and non-seriousness towards matters of great national interest. He observed FBR, Custom and other relevant departments' officials performed poorly, pointing out the no audit could be conducted by the departments so far.
Responding to Shibli Faraz, FBR and Custom Intelligence officials informed the meeting that they received audit report of custom on January 8 this month. The senator said then we cannot say it sluggish.FBR officials informed the meeting that local importer companies had declared 50 percent less production valuation whereas they imported over 10 million dollars IT goods while they cleared only 4.8 million goods. Custom audit report has objected for more than 3 billion rupees, they added.The meeting, however, expressed satisfaction over the performance of VBOK and decided to form a sub-committee. The committee also sought a detailed briefing on VBOK and other.
