According to a statement by the Income Tax Department, the search also revealed telltale evidence of the modus operandi of the group which involved over-invoicing
of purchase of raw materials and bottles which constituted a major portion of the cost of production.
A United Nations Conference on Trade and Development (UNCTAD) 2016 study shows that in transacting business with five of her 17 major trading partners, Nigeria experienced export under-invoicing, while it experienced export over-invoicing
with the remaining 12 partners.
The chairman said the FBR was aware of all those sectors where the menace of under-invoicing and over-invoicing
was taking place.
(c) Accounting techniques like over-invoicing
of imports and under-invoicing of exports.
was used to transfer excessive funds abroad.
This initiative has arisen in the backdrop of reports indicating misinvoicing in exports, which included under-invoicing resulting in loss of remittance of forex and over-invoicing
used to transfer excessive funds abroad.
They said it would lead to corruption in connivance with the dubious FBR officials under the mode of flying invoices, over-invoicing
, frauds in refunds, etc.
To discourage money laundering through over-invoicing
, the government is considering reintroducing PSI (pre-shipment inspection) both at export and importing levels.
In addition to over-invoicing
, the contracts, approved by former President Jos Eduardo dos Santos in 2016, were canceled because they represented "burdensome services to the State" and imposed "manifestly disproportionate counter-benefits", violating "principles of morality, transparency, economy and respect for public assets, which are the subject of public procurement, "according to the Presidential Order published on Wednesday 15.
"The main methods by which such people transfer value through legitimate trade transactions are under-invoicing, over-invoicing
, short/over-shipment, obfuscation of type of goods/services etc," the SBP said in the Framework for Managing Risks of Trade Based Money Laundering, Terrorist Financing and Proliferation Financing.
'The main methods by which such people transfer value through legitimate trade transactions are under-invoicing, over-invoicing
, short/over-shipment, obfuscation of type of goods/services etc,' the SBP said in the Framework for Managing Risks of Trade Based Money Laundering, Terrorist Financing and Proliferation Financing.
The miniscule political elite made up of a few families and their cronies is alleged of accumulation of wealth beyond their apparent resources, misappropriation of national treasury in ways that are hard to discover or prove but whose effects are visible in the shambles of a country that Imran Khan inherited as its prime minister in August 2018, and ill-advised overspending and over-invoicing
of government money on projects that while appearing groundbreaking in theory ended up breaking Pakistan's monetary backbone.