The Federal Board of Revenue (FBR) has revealed a tax fraud worth RS 977 million performed under the export facility scheme (EFS).
According to Director Told Clearance Audit (PCA) South, Shiraz Ahmed, two fake companies abused EFS to avoid taxes on the import of noble metal molds.
The companies reportedly imported 47 containers with high value metals, but manipulated items declared only 111 tonnes, while 1,560 tonnes of imported goods disappeared.
It turned out to have been found to avoid 499 million Rs, while the other dodged Rs 478 million in taxes.
Further study revealed that the fake companies were not even listed in FBR’s active registry, which raised concerns about regulatory lover holes.
PCA South has issued a warning to all export collector who warns them of potential abuse of the scheme. Meanwhile, teams have been formed to arrest the guilty, the officials confirmed.
Earlier on January 9, the Directorate of Customs Post Clearance Audit South Under the Federal Board of Revenue (FBR) revealed a significant money laundering of money worth over RS106 billion.
In the same month, FBR also revealed the incorrect use of RS231.82 million after a two-month review of registration and transfer registers of real estate properties from Sub-Registrars in Faisalabad District.
