KARACHI: Regional Directorate of Customs Intelligence and Investigation (I&I) detected tax evasion of Rs275 million through under-invoicing of imported cooking oil from a foreign country.
Sources told Customs Today that a massive tax evasion of Rs275 million has detected by the Customs officials. Customs officials told the media that a private company was allegedly involved in under-invoicing of cooking oil being imported from Indonesia.
They added that the private firm was also involved in using hawala-hundi network for the imported cooking oil. A case was lodged against the accused and legal action would be taken, they said.
In October, the Federal Board of Revenue (FBR) had unearthed the biggest ‘trade-based’ money laundering and under-invoicing scandal in Pakistan.
The Federal Board of Revenue (FBR) lodged a case against two companies in Peshawar after unearthing a massive money laundering worth Rs47 billion following a thorough investigation by the auditors.
According to FBR’s report, the transfer of money was declared a ‘trade-based money laundering’.
The report stated that the companies caused a mammoth financial loss to the national exchequer worth Rs25 billion allegedly through under-invoicing. The money laundering and under-invoicing were committed in the name of solar panels.
In the First Information Report (FIR), owners of two companies, Moon Light Traders and Bright Star, were nominated. The FBR report stated that the Bright Star Company was involved in under-invoicing in the GD in 2013, whereas, auditors caught the records of 705 GDs of the Moon Light Traders.
It also revealed that the companies continued laundering money from 2017 to 2022. The trade-based money laundering and under-invoicing report was also forwarded to the Caretaker Prime Minister (PM) Anwaarul Haq Kakar.
