FBR warns of punitive action against under-invoicing and smuggled goods

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  • FBR warns of strict action against under-invoicing.
  • The chairman asks traders to refrain from smuggled goods.
  • Under-invoicing and over-invoicing are some of the leading causes of rising inflation besides others.
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Chairman FBR Syed Shabbar Zaidi warns of strict action against under-invoicing and issued a warning to traders for being refrained from smuggled goods – photo courtesy Dawn.

 

Chairman FBR Syed Shabbar Zaidi has repeatedly told that under-invoicing and over-invoicing are some of the leading causes of rising inflation alongside fiscal deficit, rupee-dollar rate disturbance, etc.

Mr. Zaidi also said in one of his previous press talk that the local industry could not be strengthened without resolving the issues of under-invoicing, smuggling, and the Afghan transit trade.

FBR, on Thursday, issued a warning to the business community against the under-invoicing. Under0invoicing generally implies the misdeclaration of imported goods.

FBR also notified that strict action will be taken against those involved. The chairman Zaidi conveyed a message to the business community that besides refraining from smuggled goods, they must not indulge in misdeclaration of goods during the clearing operations at the port.

 

Also See: Can We Get Away With The Rising Inflation In Pakistan?

 

“Any importers, their clearing agents, and the delinquent staff found involved in such practices shall be liable to punitive action under the law,” read the statement shared by FBR Spokesperson on twitter.

“Syed ShabbarZaidi, Chairman, FBR has conveyed a message to the business community that besides refraining from business in smuggled goods, they should not indulge in under-invoicing or other misdeclarations when getting their imported goods cleared at the Ports,” read another statement shared by Federal Board of Revenue.

FBR statement adds that the country has been confronted with the problems of securing the economic borders as smuggling is causing not only huge revenue losses but also having adverse impacts on the industry and investment coming to Pakistan.

What kind of strategy do you think will be helpful in curbing the cross-border smuggling of goods in Pakistan undertaking the prolonged shared border with the two neighbors? Let us know about your opinion in the comment section below

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