NBR asks PSI co to appear for hearing Oct 8

FE Team | Published: October 03, 2007 00:00:00 | Updated: February 01, 2018 00:00:00

FE Report
The National Board of Revenue (NBR) has asked the pre-shipment inspection company, M/S Cotecna Inspection SA, to appear for a hearing on October 8 on allegations of under-invoicing leveled against it by a government investigation team earlier.
The pre-shipment inspection company (PSI) had allegedly certified the under-valuation of imported luxury vehicles.
Sources said the board will take stern action including imposition of heavy penalty if the PSI company is found guilty of the irregularity as alleged.
Asked about the NBR's move on the PSI Company, the NBR chairman Badiur Rahman said: "If the PSI company fails to come up with satisfactory explanation, the NBR will take action for the irregularities committed."
But, the NBR will be careful to ensure fair judgment of the company's actions, he said.
In early September, the NBR served a show cause notice upon Cotecna seeking explanation of its alleged involvement in certifying under-invoiced value of imported luxury cars.
The company last week sent a letter responding to the show cause notice and sought a hearing.
Sources said the board has the authority to cancel the licence or impose penalty on any PSI company if irregularities are detected against their actions.
The board might cancel the agreement with the company after expiry of its agreement in 2008, they added.
In an investigation, the board has found duty evasion worth Tk 2.3 million against import of expensive cars.
The board has found wrong price certification in the clean report of findings (CRF). The PSI company has quoted US$ 18,500 instead of $35,215 as original price of the Hummer 3 vehicle.