ISLAMABD: The customs authorities have intensified operations against the importers involved in tax evasion and unearthed a big case of underinvoicing wherein the importer imported TANG’ brand drinking powder at exorbitantly low value of $ 0.4 kg. However, the customs received original export documents of the consignment from UAE which reflected the actual value of $ 2.39 per kg. Thus importer evaded amounts of duty / taxes to the tune of Rs 330 million. During the preliminary investigations, it was transpired the importers of TANG established companies in Dubai, which were used for the transfer of the amounts of the underinvoiced goods while the remaining amounts were transferred through Hawala / Hundi. Pakistan customs has initiated serious action against such importers. The customs has put in place a proactive preventive mechanism to effectively control underinvoicing, over invoicing and misdeclaration (at the import stage) keeping in view the fact that these phenomena not only cause revenue hemorrhage and loss to domestic industries, but the same are instrumental source of trade-based money laundering and terrorism financing. Such malpractices are now treated as fiscal fraud under Customs Act, 1969. An official handout of FBR, issued by its spokesman, said the customs is now regularly getting export documents, from major trading partners of Pakistan including China, U.A.E, Singapore, South Korea, Hong Kong to avert underinvoicing and overinvoicing as it harts Pakistan.
