FBR urged to make return filing mandatory for commercial importers

KARACHI: Federal Board of Revenue (FBR) has been urged to make return filing mandatory for commercial importers to curb massive under-invoicing.
In its proposals for budget 2018/2019, the Pakistan Business Council (PBC) said that across the board massive under-invoicing especially by commercial importers coupled with weak controls on Afghan Transit Trade and blatant sale of smuggled goods is destroying the manufacturing sector.
The PBC recommended amendments to customs laws and demanded that values at which import shipments are cleared should be publicly available.
It also recommended that depending on the industry, the import value should be fixed, e.g. on the basis or country of origin, weight volume etc., after discussion with industry.
Import trade price may be fixed for most of the items prone to mis-declaration, it recommended.

(Visited 300 times, 1 visits today)