Startling revelations have emerged regarding the commercial activities of solar panel importers, exposing a staggering case of over-invoicing and money laundering. The Directorate of Post Clearance Audit Customs South has published a report shedding light on this illicit practice.
The audit conducted by PCA South uncovered over-invoicing worth a whopping Rs69.50 billion at the import level. This alarming revelation points to the movement of black money out of the country, raising serious concerns about illegal financial activities.
The National Accountability Bureau (NAB) has intervened and alerted the Federal Board of Revenue (FBR) to take appropriate action against those involved, ensuring that the perpetrators face justice and safeguarding the economic integrity of the country.
Officials from PCA stated that the State Bank of Pakistan (SBP) has urged federal ministries to compile a list of reputable solar panel importers who can be granted import permissions without the risk of money laundering and over-invoicing. The findings of the FBR’s audit will play a crucial role in this process.
The PCA audit report reveals that 63 importers filed 6,232 goods declarations and imported solar panels at significantly higher prices than their market value. A substantial portion of the funds used for these imports are suspected to be illegal money transferred out of Pakistan.
The report highlights the exploitation of the duty and tax-free import system applicable to solar panels by the importers. It further notes a stark discrepancy between the income tax returns of 39 importers and the value of their imported goods, equity, liabilities, and volume.
These importers have a financial volume of Rs14.7 billion but imported solar panels worth Rs201 billion. The report also exposes significant cash deposits of Rs47 billion, constituting 24% of the total bank deposits, in the bank accounts of 44 solar panel importers.