The Federal Board of Revenue (FBR) has decided to investigate further after discovering alleged over-invoicing of Rs3 billion in the import of solar panels.

Sources say that six companies may have inflated their invoices by Rs3 billion when importing solar panels worth Rs13 billion. Six companies, three from Karachi and three from Quetta, have had FIRs registered against them for this.

It is suspected that this over-invoicing was done to move money to exchange companies and undisclosed entities, and money laundering investigations will also be carried out.

Previously, there was over-invoicing of Rs69.5 billion in solar panel imports from 2017 to 2022. A total of Rs72 billion was transferred from two private companies, even though only Rs45 billion worth of solar panels were imported.

The Senate standing committee on finance was briefed on this issue, and FIRs have been filed against commercial banks for violating financial monitoring unit rules in these transactions.

[embedpost slug=”/fbr-amends-customs-rules-for-pak-afghan-transit-operation/”]