FBR notices Sale of Seized Smuggled Vehicles below Reserve Price

Islamabad: The Federal Board of Revenue (FBR) has launched the investigation of the practice of selling confiscated smuggled vehicles at prices lower than the minimum auction reserve price. This issue has reportedly been ongoing for several years and has come under scrutiny following a letter from the Legal and Accounting Customs Wing of the FBR.
According to media reports, the letter highlights inconsistencies between the Customs Rules and Customs General Order No. 12, issued in June 2002, which governs the auctioning of seized smuggled vehicles. The current order allows Deputy and Assistant Collectors to recommend lowering the reserve price for used vehicles if bids fail to meet the initial minimum during the first two auctions.
However, the FBR is concerned that this flexibility has been misused, potentially leading to lost revenue for the government. The letter reportedly calls for amending Customs General Order No. 12 to ensure confiscated smuggled vehicles are sold at or above the established reserve price. This amendment would aim to prevent future instances of selling these vehicles below their estimated value and address concerns raised during audits.
The FBR's investigation into this matter signifies their commitment to transparent and fair practices in handling confiscated goods. The outcome of this investigation and any potential amendments to the Customs General Order will be closely watched by those concerned with maximizing government revenue and upholding proper auction procedures.