ISLAMABAD: The case of alleged under-invoicing by a Lahore-based company has handed over to the audit department in Karachi for detailed investigation.
According to media reports, Federal Board of Revenue (FBR) has transferred the case to the Directorate General of Post Clearance Audit, Karachi more prob and , well-informed sources told Business Recorder.
The officials are being removed from their postings, who have assessed the concern vehicles and processed Good Declarations (GDs) in the cars’ clearance section, the sources in FBR added.
According to sources, 886 CBU vehicles was cleared and allegedly paid $ 3,161 less customs duty to the national exchequer.
According to sources, the documents shared with FBR’s senior officials indicate that in May 2000, the first vehicle was imported and was assessed at customs duty of $ 14,793 at West Collectorate Karachi. Another vehicle of same model brought in November 2000 at Port Qasim where which was assessed at $ 11,632 (less $ 3161). After that 230 more vehicles were cleared at Port Qasim.
The remaining 655 vehicles came at MCC East, which also cleared the vehicles at customs duty of $ 11,632 each.
According to initial inquiry, Manufacture Suggested Retail Price (MSRP) presented at Port Qasim is suspicious. The company has also paid Federal Excise Duty recently.
The sources said that even after discount, the duty on CBU vehicle is not less than $ 15,000. “If the vehicles are cleared on the base of $ 14,793 for each vehicle, the financial loss to the party would have been around Rs 470 million. However, if assessment is made on the actual price the difference is around Rs 940 million,” the sources said,
The audit will take a month or so as it is intrusive and file their findings to the FBR officials.