January 20 2019
Tax authorities have launched money-laundering and tax evasion investigations into the transfer of billions of rupees worth of foreign currency to bank accounts abroad by a number of importers through under invoicing of their imported cargoes, sources said on Saturday.
The Inland Revenue Office has detected some cases where payment made through electronic import form (EIF) of banking channels were found to be much lower than the value of goods cleared at the Customs stage.