- The data interfaces are being established with UAE, Afghanistan, Hong Kong and European countries among others.
- Setup of electronic data interface will curb the menace of under-invoicing.
In order to counter the menace of import under invoicing and evading taxes, the Federal Board of Revenue (FBR) is establishing electronic data interfaces with different countries.
These data interfaces are being established with the United Arab Emirates, Afghanistan, Hong Kong and European countries among others. Dr. Hamid Ateeq Sarwar, Member Inland Revenue Policy at the Federal Board of Revenue (FBR), informed the Arab News that the FBR was planning to complete the project with the UAE, European countries and Singapore by June this year.
The FBR official added that after getting connected with the electronic data interface of a country, will make it almost impossible for importers to change their invoices.
Back in December, FBR Chairman Syed Shabbar Zaidi sought the support of business community to curb under invoicing of imports. In a tweet, the FBR chairman said that his organization “is seriously working to curb under invoicing of imports." He added that the valuation system and processes are being improved.
“Nevertheless, FBR seeks the support of business community including Chambers of Commerce on this matter. This issue is highly important to save local industry," stressed Zaidi.
Last week, FBR told the Senate that 17 importers were found involved in mis-declaration and under invoicing in the IT equipment's imports. The FBR revealed that 46 percent under-invoicing was observed during 2015 to 2019. The progress of audit of new IT products revealed under-invoicing of $5 million in supplier value of $11 million of a brand.