FBR has slapped a huge fine of Rs. 111 billion on several companies that import solar panels and equipment. These companies are being blamed for money laundering and showing fake prices on their imports.
According to the FBR, these firms made fake documents to show that their solar imports cost Rs. 120 billion more than they really did. Officials say they also moved Rs140 billion through fake or shell companies to hide the real money trail.
To recover some of this lost money, the FBR has already taken control of 327 shipping containers linked to these firms. These containers will be sold through an auction, which is expected to bring in about Rs1.5 billion for the government.
This strict action is part of the FBR’s wider plan to stop trade-based money laundering in Pakistan. Over-invoicing is a trick used by some importers to illegally send money out of the country or avoid paying the right taxes. Such illegal tricks hurt the national economy and create unfair competition for honest businesses.
By cracking down on these shady deals, the FBR wants to make Pakistan’s import system more honest and clear. Officials say more actions like this will follow if other companies are found guilty of similar scams.
Many people have praised this move, saying it will help control corruption in the trading sector and increase trust in the business community. The FBR says they are committed to keeping the trade system clean and fair for everyone.
