Tuesday, June 25, 2024

FBR Begins Investigation Against MG Motors Over “Under-Invoicing Scam”

As per details, FBR introduces research on ‘mega under-invoicing scam’. The fraud is causing financial losses of billions of rupees on the national exchequer.

Furthermore, the report states that the automaker declared the vehicle’s customs value as $11,632, which is “massively understated” because the vehicle is being sold for more than $27,000 in other countries. The said “document”, which contains the details of the alleged scam, has also been shared for a thorough investigation with the related ministries.

The reports of the scam have sparked the interest of various analysts and media outlets, as they are all wondering what MG’s future might be after this development.

In September 2020, MG began importing vehicles into the country and has imported more than 400 vehicles. Till date, the automaker has reportedly evaded more than Rs 1.1 billion worth of duty and taxes.

Related Articles

Latest Articles