Karachi, October 22, 2023 – Pakistan Customs has reaffirmed the government’s commitment to addressing the issue of under-invoicing.
This commitment was reiterated by Habib Ahmed, the Director of Customs Intelligence and Investigation Karachi, during a meeting with the office bearers of the Korangi Association of Trade and Industry (KATI).
Habib Ahmed stated that individuals engaged in under-invoicing are now under scrutiny by law enforcement agencies. The authorities are closely monitoring instances of under-invoicing, over-invoicing, and the misuse of export facilitation schemes. So far, 50 cases of under-invoicing have been identified, and corresponding actions have been initiated.
Under-invoicing, particularly in exports, poses a significant challenge to the national exchequer. It results in reduced revenue collection and has wider economic implications.
Habib Ahmed emphasized that customs authorities prioritize discouraging all forms of smuggling. He revealed that law enforcement agencies had seized smuggled goods worth Rs 1.7 billion in Karachi between September and October, highlighting the government’s commitment to combat illegal trade practices.
The President of KATI, Faraz-ur-Rehman, stressed the importance of taking strong action against smuggling and the immediate cessation of purchasing smuggled goods. These illicit activities not only undermine legitimate trade but also have adverse effects on the nation’s economy.
Faraz-ur-Rehman emphasized that ending the purchase of smuggled goods is crucial and called for a comprehensive approach to combat all forms of smuggling, including cross-border activities. This approach, he believed, would significantly increase revenue in the national treasury.
Faraz-ur-Rehman commended recent operations against smuggled goods for their effectiveness in curbing illegal trade practices. During the meeting, Fawad Sheikh, Chairman of the Standing Committee, along with KATI members and other industrialists, provided insights into the challenges faced by the trade and industry community.
The government’s determination to tackle under-invoicing and smuggling reflects its commitment to enhancing transparency, revenue collection, and economic stability. These efforts are vital for promoting a fair and competitive business environment in Pakistan.
FBR Establishes Committee to Implement Single Portal for Sales Tax Return Filing
