The Federal Board of Revenue (FBR) made a significant decision on Monday toexpand its ongoing investigation, responding to the alleged over-invoicingof Rs 3 billion detected in the importation of solar panels.It has come tolight that an additional six companies are suspected of over-invoicing,this time totaling Rs 3 billion, in relation to the importation of solarpanels valued at Rs 13 billion.
In response to these findings, a total of six FIRs (First InformationReports) have been filed against companies registered for solar panelimports, comprising three from Karachi and three from Quetta.
According to sources, the alleged over-invoicing scheme is believed to be ameans to funnel funds into exchange companies and undisclosed entities,raising concerns of potential money laundering activities. Investigationsinto money laundering allegations will also be conducted against thecompanies implicated in the over-invoicing.
This is not the first instance of over-invoicing related to solar panelimports in Pakistan. Previously, between 2017 and 2022, over Rs 69.5billion worth of over-invoicing was uncovered.
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The FBR report revealed a clear pattern of over-invoicing associated with6,232 Goods Declarations (GDs) filed by 63 importers. Astonishingly, Rs 72billion had been transferred through two private companies, while solarpanels valued at only Rs 45 billion were actually imported.
The matter of over-invoicing was discussed with the Senate standingcommittee on finance, where the Chairman of the FBR provided a briefing onthese concerning developments.