July 12, 2023 (MLN): In a shocking turn of events, it was unearthed that two companies, Bright Star Business Solution Pvt. Ltd. and Moonlight Traders (SMC) Pvt. Ltd, have cumulatively transferred Rs70.7 billion out of Pakistan on the basis of duty/tax-free imports of solar panels.
The companies have allegedly defrauded the government of Pakistan with a staggering amount totaling Rs37.7bn, sources close to the matter revealed to Mettis Link News on Wednesday.
According to the findings submitted by the Public Customs Authority (PCA) South to the Federal Board of Revenue (FBR), Bright Star Business Solution Pvt. Ltd., notorious for its over-invoicing practices amounting to Rs30.6bn, received an astonishing Rs14bn in cash deposits, which accounted for 35% of their total bank deposits.
Additionally, the company transferred a whopping Rs47bn out of Pakistan in relation to solar panel imports.
Despite these suspicious activities, the importer filed a Nil income tax return for the financial year 2020-21 and failed to file any return for the financial year 2021-22.
It was further revealed that Bright Star Business Solution Pvt. Ltd. transferred import remittances worth Rs20bn during this two-year period.
Similarly, Moonlight Traders (SMC) Pvt. Ltd., which transferred Rs23.7bn out of Pakistan for solar panel imports, also failed to file an income tax return for the financial year 2020-21.
The company only submitted a Nil return for the financial year 2021-22. Moreover, it transferred import remittances amounting to Rs11.7bn during the same period.
Suspicion grew even stronger as bank statements indicated a close business association between the two suspected importers.
Upon further investigation, it was discovered that both companies, situated in the same commercial plaza in Peshawar, were mysteriously found to be closed.
The physical verification added a layer of intrigue to this already gripping tale of deception.
Now, the PCA South has handed over its findings to the FBR, urging swift legal action under the Customs Act, 1969, and the Anti-Money Laundering (AML) Act, 2010.
With billions of rupees at stake, authorities are expected to pursue the case with utmost determination, unraveling the full extent of this thrilling tax evasion scandal.
The nation eagerly awaits the response from the FBR as they aim to bring the perpetrators to justice and recover the significant amount lost to this audacious scheme.
Copyright Mettis Link News
Posted on: 2023-07-12T13:09:42+05:00
