Trade audit
Instead
of trying to curb smuggling, underinvoicing and misdeclaration of imported
goods, the government frequently resorts to stop-gap measures like imposing
regulatory duties and amnesty schemes. There is one simple measure which the
government can take to substantially increase revenue. According to China
Customs, Pakistan imports $17.23 billion worth of goods from China every year,
but according to Pakistan’s import data, the value of our imports from China is
only $13.68 billion.
This
difference of $3.5 billion is due to underinvoicing and misdeclaration by our
unscrupulous importers and it is causing a loss of Rs150 billion to the
exchequer every year. The Electronic Data Interchange system between China and
Pakistan has been ready since May, but has not been implemented. If the
Electronic Data Interchange system is implemented, China Customs will
electronically transmit to Pakistan Customs details of each and every
consignment exported from China to Pakistan immediately after shipment. This
data can be compared by our Customs with the entry filed by Pakistani importers,
and in case of discrepancy, the importer must be fined, and duty and taxes
recovered on the actual value of the consignment.
Shakir
Lakhani (Karachi)
The
News, November 11, 2017
https://www.thenews.com.pk/print/243500-Trade-audit
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