Islamabad: The Federal Board of Revenue (FBR), in a statement issued on Thursday, warned the business community of ‘punitive action’ in any identified cases of under-invoicing or misdeclaring (the quantities of) their imported goods – a news source reported.
The statement warned that any importers, clearing agents, or staff members found involved in such practices would be liable to undergoing legal investigation. The board has also urged the business community to refrain from smuggling goods and stated that anyone ‘found involved in any way dealing with the sale, purchase or storage of the same will be dealt with strictly’.
The board’s communication also noted that ‘smuggling’ not only caused huge revenue losses but also severely damaged the country’s industries and future (inbound) investment prospects.
On a related note, FBR Chairman Shabbar Zaidi recently wrote a letter to all the director generals and members of the board to end the uncertainty among officials over the issue of large scale appointment transfers within FBR.
The letter stated that while there existed a tradition of transfers carried out within FBR at the beginning of each financial year, this practice would not be turned into a norm. The chairman instead asked all the board officials concerned to focus on the recovery of taxes.