China and Pakistan are set to launch an electronic data interchange (EDI) in their efforts to clampdown on trade-based financial crime.
Pakistan’s Federal Board of Revenue (FBR) is particularly concerned about under-invoicing, which it says is depriving the country of very substantial amounts of duty and taxes.
The EDI will be operated jointly by Chinese and Pakistani customs. They are currently completing software amendments so that documents in different languages can be clearly read and understood.
Language translation software, specifically written for this purpose, is being developed.
Officials in Pakistan hope the EDI will be launched in June, before the end of Pakistan’s fiscal year.
The launch may be delayed if last minute difficulties are encountered according to officials, but they expect no delay beyond July or August.
Categories: Trade Based Financial crimes News