FBR detects Rs69.5b over-invoicing

The FBR detected over invoicing in the import of solar panels by 63 importers during 2017-22 period and filed a case against two fake companies, it was learnt on Monday.

According to an FBR report, two big companies imported solar panels worth Rs72.83 billion and sold them for Rs45.61 billion. It added that on papers, the offices of both the companies were established in the same building in Peshawar.

However, when investigators visited there, they found out that the offices were never there. According to income tax records, both the companies were fake, and they transferred Rs20.4 billion out of Pakistan.