The Federal Board of Revenue (FBR) has uncovered a tax fraud worth Rs 977 million carried out under the Export Facilitation Scheme (EFS).
According to Director Customs Post Clearance Audit (PCA) South, Shiraz Ahmed, two fraudulent companies misused the EFS to evade taxes on the import of precious metal molds.
The companies allegedly imported 47 containers of high-value metals but manipulated records, declaring only 111 metric tons while 1,560 metric tons of imported goods went missing.
One company was found to have evaded Rs 499 million, while the second dodged Rs 478 million in taxes.
Further investigation revealed that the fraudulent companies were not even listed in FBR’s active registration database, raising concerns about regulatory loopholes.
The PCA South has issued an alert to all export collectorates, warning them of potential misuse of the scheme. Meanwhile, teams have been formed to arrest the culprits, officials confirmed.
Earlier on January 9, the Directorate of Customs Post Clearance Audit South, under the Federal Board of Revenue (FBR), uncovered a significant money laundering operation worth over Rs106 billion, disguised as solar panel imports.
In the same month, the FBR also revealed a misappropriation of Rs231.82 million following a two-month review of registration and transfer records of immovable properties by sub-registrars in Faisalabad District.
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