LAHORE, Oct 18 (APP):SAARC Chamber of Commerce and Industry former President Iftikhar Ali Malik on Sunday called for an immediate nationwide crackdown on import under-invoicing to protect domestic industry and prevent revenue losses. According to a spokesperson, the president said the under-invoicing of imported goods was depriving the government of customs duties and taxes while allowing under-valued products to flood local markets at artificially low prices. This practice was severely …
Under-invoicing of imports causing revenue losses, hurting local industry: Iftikhar Malik
LAHORE, Oct 18 (APP):SAARC Chamber of Commerce and Industry former President Iftikhar Ali Malik on Sunday called for an immediate nationwide crackdown on import under-invoicing to protect domestic industry and prevent revenue losses.
According to a spokesperson, the president said the under-invoicing of imported goods was depriving the government of customs duties and taxes while allowing under-valued products to flood local markets at artificially low prices. This practice was severely hurting local manufacturers and discouraging industrial investment, he added.
Iftikhar Ali Malik urged the government and the Federal Board of Revenue (FBR) to ensure transparent scrutiny of import declarations, enforce strict customs regulations, and take stern action against elements deliberately undervaluing consignments.
Highlighting trade monitoring at the Pakistan-China border, he stressed utilizing existing electronic data-sharing mechanisms effectively to detect discrepancies in trade documentation, adding that curbing under-invoicing would boost state revenue and support sustainable economic growth.
