FBR imposes Rs111 billion fine on 13 fake solar panel companies

Government Slashes Sales Tax on Solar Panels in Revised Budget Proposal

ISLAMABAD – The Federal Board of Revenue (FBR) has imposed fines totaling Rs111 billion on 13 fake companies accused of laundering Rs120 billion under the guise of solar panel imports.

The investigation, led by the Directorate of Customs Post Clearance Audit, revealed that the fraudulent firms falsely declared the import of solar panels to illegally transfer massive amounts of money abroad.

According to the FBR, the companies used fabricated documents to move funds and deposited a staggering Rs140 billion into banks using forged records.

The network of sham firms was traced to major cities including Peshawar, Quetta, and Islamabad. Additionally, 327 containers, allegedly containing solar panels, were found at various ports in Karachi.

These containers are now expected to be auctioned off, potentially generating Rs1.5 billion in revenue for the government.

Authorities say the operation exposed a sophisticated scheme of trade-based money laundering disguised as environmentally friendly imports.

Investigations are ongoing, and further legal action against the individuals and entities involved is anticipated.

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