FBR unearths over $5m worth of under-invoicing in IT imports

ISLAMABAD: The Federal Board of Revenue (FBR) unearthed over $5 million worth of under-invoicing in IT imports after the Senate Standing Committee on Commerce and Textile on Thursday pointed out irregularities in the imports.

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Senator Mirza Muhammad Afridi while chairing a meeting of Senate Standing Committee on Commerce and Textile said under-invoicing in the import of goods is a major challenge to the economy that needs serious attention.

Briefing the committee, Customs officials the IT clearing agents used to manipulate the receipts in the old system which has been replaced with the new system that will prevent under-invoicing and help in better collection of import taxes.

FBR Member (Customs Operations) Jawwad Agha said a few dealers and importers resorted to manipulation of the receipts to avoid taxes. Officers of the Customs Intelligence informed the committee that 17 companies importing IT products were involved in under-invoicing and manipulation of their record.