ISLAMABAD : Pakistan Customs has intensified its operations against the importers responsible for under-invoicing, over-invoicing and mis-declaration. Pakistan Customs has un-earthed a big case of under-invoicing whereby certain importers imported TANG’ Brand Drinking Powder at exorbitantly low value @US$ 0.4 KG. Pakistan Customs obtained actual export documents of such consignments from UAE Customs which reflected the actual value @ US$ 2.39/KG. Evaded amounts of duty / taxes are to the tune of Rs. 330 Million. During preliminary investigations, it has transpired that the importers established Shell Companies in Dubai which were used for the transfer of the amounts of the under-invoiced goods while the remaining amounts were transferred through Hawala / Hundi. Pakistan Customs has initiated serious action against such importers. Pakistan Customs has put in place proactive / preventive mechanism to effectively control under-invoicing / over invoicing and mis-declaration (at the import stage) keeping in view the fact that these phenomena not only cause revenue hemorrhage and loss to domestic industries but the same are instrumental source of trade-based money laundering and terrorism financing. Such malpractices are now treated as Fiscal Fraud under Customs Act, 1969 of Pakistan. It is pertinent to state that Pakistan Customs is actively obtaining export documents, to avert under-invoicing, from major trading partners of Pakistan including China, U.A.E, Singapore, South Korea, Hong Kong.
Rooh Afza, popular Iftaar drink, created in Delhi as herbal mix drink in 1906
The founder of Hamdard, Hakim Hafiz Abdul Majeed, founded Rooh Afza. In 1906, he set out to make a herbal...Read more