NBR fines PSI co Cotecna Tk 9.7m for under invoicing

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FE Report
The National Board of Revenue (NBR) has fined pre-shipment inspection (PSI) company Cotecna SA Tk 9.7 million for under-invoicing import of a luxury car.
The customs department of the board imposed the penalty for duty evasion of Tk 2.2 million through under-invoicing.
In an investigation, the board has detected irregularities of the PSI company relating to the import of the luxury car.
The NBR investigation team found that the government was deprived of a substantial amount of duty on import of seven luxury vehicles.
The board has only served showcause notice for one vehicle.
After a hearing with the representatives of the PSI company on October 9, the board imposed the penalty.
Sources said there is a provision to charge an amount of penalty equivalent to three times of the evaded tax.
The PSI company might opt for international arbitration to settle the issue, they said.
The board is working on the investigation report of under-invoicing of imports of six other vehicles.
Sources said the NBR will serve showcause notices if irregularities are detected on import of other six vehicles.