USD11bn discrepancy in data: PRAL reports incomplete import data to PBS

ISLAMABAD: Pakistan Revenue Automation Limited (PRAL) - a subsidiary of the Federal Board of Revenue (FBR) reported incomplete import data to Pakistan Bureau of Statistics (PBS), leading to a discrepancy of USD 11 billion in the trade data.

This was revealed by senior officials while talking to Business Recorder.

Official sources told Business Recorder on condition of anonymity that the reporting line of data involves PRAL as well as FBR’s Directorate of Research and Statistics (DRS). The data is reported by PRAL to PBS through FBR’s DRS. The customs data is comprehensive covering schemes for exporters and different types of goods declarations (GDs) - for baggage, home consumption and commercial imports. However, import data pertaining to goods declarations of trade facilitation scheme was not reported to the PBS. Some types of GDs import data was also not reported to the PBS, resulting in under-reporting of imports.

Pakistan Customs had created a separate goods declaration category for trade facilitation schemes. The customs tariff headings and classifications are not integrated into PBS’s data collection system under PRAL, thereby creating a discrepancy in the data.

PBS official on condition of anonymity maintained that they were under the impression that they were receiving complete customs related import data from the PRAL.

Officials admitted that the lack of coordination between PBS and the PRAL contributed to misreporting of data which is not intentional. The absence of “standardized data definition” further contributes to missing of import data, officials added. Distancing itself from the data discrepancy, the spokesperson of State Bank of Pakistan (SBP) told Business Recorder that SBP’s trade data is computed mainly on the basis of trade payments received from banks; hence, there will be no significant revision in current account (C/A) balance data already published by SBP.

Minor revisions may continue as per practice. The spokesperson said, “This is in response to recently circulating news that due to recent PBS trade data revisions, there will be similar revisions in SBP trade data and current account (C/A) balance outturns as well.

In this regard, SBP would like to clarify that SBP’s trade data is computed mainly on the basis of trade payments data received from banks; hence, there will be no significant revision in C/A balance data already published by SBP. Minor revisions may continue as per practice”.

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