In an attempt to to avoid under-invoicing, Pakistan customs asks China to provide real-time data
General Customs Administration of China and Pakistan Customs under FBR are a part of the cooperation, information exchange, and enforcement coordination.
Pakistan Customs has expressed concern over the problems in the trade data received from China under the Electronic Data Exchange Mechanism since it isn’t helping Pakistani authorities to fully overcome under-invoicing in the range of $4 billion.
“Pakistan Customs candidly shared its concern with the Chinese delegation about issues in the data received from China under the Electronic Data Exchange Mechanism. The Chinese side subscribed to these views and assured its full-fledged cooperation to resolve this matter so that the menace of under-invoicing/over-invoicing and trade-based money laundering could effectively be curbed,” an official announcement of the FBR stated.
As per some rough estimates, the damages of under-invoicing/over through the Chinese borders were causing losses to the national exchequer to the tune of $4 billion to $6 billion on a per annum basis.
An agreement had been made between the two countries to share the electronic data exchange mechanism from the past years, but there were some loopholes as the data wasn’t according to the desires of the Pakistan Customs, so the practice of under-invoicing continued unabated.
In a press statement issued by FBR, they stated that the Chinese Customs delegation paid a visit to FBR and held meetings with Pakistan Customs on 10th and 11th December. Discussions were made during this meeting between the Customs authorities of the two governments.
General Customs Administration of China and Pakistan Customs under FBR are a part of the cooperation, information exchange, and enforcement coordination. In an attempt to fulfill the shared objectives, delegates from both Customs administrations held numerous meetings in Pakistan and China.
FBR Chairman Shabbar Zaidi shed light upon the brotherly relationship between Pakistan’s Republic of China and Pakistan, terming the relationship to be cordial and an asset for Pakistan. He said that the bond could be reinforced through greater assistance and exchange of information/data, keeping in mind the best interest of both countries.
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