Under-invoicing of imported goods is a huge challenge to Pakistan’s economy that requires serious attention and a comprehensive strategy, according to senator Mirza Muhammad Afridi.
Chairing a meeting of the senate standing committee on commerce and textiles, Afridi said that since the issue was highlighted by the committee earlier this year, the Federal Board of Revenue had identified over US$5 million of under-invoiced technology imports.
Loopholes closed claim
Customs officials told the committee that a new valuation system for technology imports was now in place and that it had closed loopholes in the older system.
Clearing agents involved in technology imports had previously been manipulating documents causing hefty losses, the customs officials said.
The new system would prevent under-invoicing and help in better collection of import taxes, they concluded.
Complaints and improvements
But responding to a question from senator Dilawar Khan, the director general of customs valuation said he thought the new system still needs improving.
The senator called for an audit of the system as several complaints had been received against it.
Categories: Trade Based Financial crimes News
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