Overinvoicing

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Overinvoicing

1. An invoice with a price listed that is higher than a company actually intends to charge a client.

2. The act or practice of billing more hours than one actually works. For example, a lawyer may meet with a client for 10 minutes and bill for half an hour. Overinvoicing is difficult to track, but common in many white collar professions.
References in periodicals archive ?
The new system would connect 44 ministries, departments and regulators within the country through online software and will also connect with regional states of China, Iran, Afghanistan and other countries in a phased manner in order to overcome the menace of over-invoicing at import stage.
Kindie's claims of over-invoicing by Philippas' Huyton Inc, if proven to be true, could raise questions about how much taxpayers' may have paid in inflated debt to other suppliers that brought in grain during the shortage.
However, the IMF has indicated the audit has not fulfilled its preconditions of transparency given information gaps regarding the use of a large share of the loan proceeds, specifically USD500 million in proceeds the auditor was unable to account for, and USD713 million in potential over-invoicing.
But there is another potential driver of the sharp rise in imports: people may be over-invoicing, in order to shift money abroad.
At the same time, millions change hands daily through bribes, under-invoicing, over-invoicing, bogus bills and so on in an economy where total black money is estimated to be $460 billion (Dh1.
So, this confiscation of consignments by the customs authorities on the suspicion of over-invoicing and mis-declaration is only hampering the timely production of drugs.
They engage in over-invoicing imports and under-invoicing exports," the Tanzanian academic said.
But the strong export figure led some economists to wonder whether companies had returned to over-invoicing their exports to camouflage capital flows, a phenomenon seen earlier this year.
Year-over-year growth figures in exports overstate gains by about 1 to 2 percentage points because of last year's over-invoicing, RBS's Kuijs said.
Illegal outflow of capital is often channelled through remittances transferred by such means as Hundi/Hawala system, export under-invoicing, import over-invoicing, and smuggling of precious metals, antiques, etc.
Launched three weeks ago, the criminal investigation relates to suspected over-invoicing for equipment purchased by the Limassol Licensed Porters Association (LLPA), as well as to totally bogus invoices.
In growing serviced-based businesses, we often see jobs going uninvoiced, labour not being recovered, labour staff doing too much unbillable time, over-invoicing from contractors, jobs where not all labour and materials are invoiced, retentions not being invoiced, and so on.