The National Board of Revenue (NBR) fined Cotecna, a pre-shipment inspection (PSI) company, Tk 97 lakh for its involvement in under invoicing import of luxury vehicles.
NBR made the move on the heels of an investigation report that had found Cotecna guilty of the illegal practice. The board is scheduled to issue a notice to the PSI firm today asking it to pay the penalty within the shortest period of time.
Earlier on September 9, NBR issued a show cause notice to Cotecna asking it why legal actions should not be taken against the company.
NBR's central intelligence cell (CIC) investigated irregularities in import of 12 luxury vehicles including the US made Hummer, and unearthed the practice of declaring lower than market prices on import invoices for the luxury vehicles, facilitating money laundering.
Cotecna was found involved in the illegal activity, revenue officials said.
A government taskforce on major crimes on June 25 asked the board's CIC to investigate the irregularities of Cotecna.
The investigation found that the company had certified the import consignment of Hummer-H3 all terrain vehicles with price tags of $18,500 per vehicle while the actual price was $35,215.
The report said Cotecna helped the importer evade tax of Tk 23.68 lakh through under invoicing.
CIC contacted the US carmaker General Motors and compared clean report of findings (CRF) of other PSI companies to be sure about the import fraudulence committed by Cotecna.
Cotecna officials declined to comment on the matter when contacted.