Under-invoicing cases to be processed under money laundering laws

under-invoicing cases to be processed under money laundering laws

KARACHI: The Directorate of Post Clearance Audit (PCA) has initiated scrutiny and analysis of last five year data comprising FIRs lodged for under-invoicing, mis-declaration and over-invoicing, Order-in-Originals and Contravention Reports served on importers and traders. The cases of under-invoicing, mis-declaration and over-invoicing would now be processed under Anti-Money Laundering Act also. First case has been lodged against M/s Megaplus Pakistan, wherein the authorities are determining the means of illegal transfer of funds from Pakistan. Ministry of Finance has reportedly assigned Directorate of Post Clearance Audit (PCA) and its high profile…

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Documents Required for Weboc Registration

As per updated rules from Govt. of Pakistan; for all imports and exports activities all foreign payment transaction must be made through Web Bases One Custom Account (WeBOC -ID)  registered firm/company Bank Account and without this condition commercial import export and personal goods other than the un-accopained will not be allowed for the custom clearing in Pakistan without Eletronic Import  Form (EIF) and Electronic Export Form (EEF). The requirement for the Web Based One Custom Account (WeBOC-ID) for the exporter and importer duly mentioned on the National Tax number and Sales Tax registration Number  of the…

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