Pakistan customs shared its concerns about issues in the trade data received from China under the Electronic data exchange Mechanism, as it is not helping Pak authorities fully to overcome under-invoicing in the rang of 4 billion dollars.
“Pakistan Cusmters candidly shared its concern with the Chines delegation about issues in the receiving data from China under the Electronic Data Exchange Mechanism. The Chines side subscribed these views and assured its full-fledged corporation to resolve this matter so that the menace of under-invoicing and trade-based money laundering cloud effectively be curbed,” official announcement of the FBR stated that on Wednesday night.
There are some rough estimates that the menace of under-invoicing losses to the national exchequer to the tune of $4 to 6$ billion on per annual basis.
Both countries has agreed to share electronic data exchange mechanism from last few years but there are still some glitches as the full-fledged data was not being provided as desired by Pakistan customs so the practice of under-invoicing continued unabated.
The FBR issued press statement and stated that Chines custom delegation visited FBR and held detailed meetings with Pakistans customs to further cooperation between the customs’ Administration of China and Pakistan CUstoms under the FBR actively involved in cooperation, information exchange, and enforcement coordination. In pursuance of the shared objectives, delegates from both the Customs administrations held several meetings in China and Pakistan on a wide range of issues during the recent years.
While FBR chairman Shabbar Zadi highlighted the brotherly relationships between peoples republic of China and Pakistan and termed those to be very cordial and an asset for Pakistan. He stated that this bond cloud further be reinforced through greater collaboration and exchange of information in view the best interest of both the friendly countries.