Federal Board of Revenue Chairman Shabbar Zaidi on Wednesday said FBR is taking measures to curb under invoicing of imports.In a tweet, the FBR chairman said, "FBR is seriously working to curb under invoicing of imports
Islamabad (Pakistan Point News / Online - 18th December, 2019) Federal board of Revenue Chairman Shabbar Zaidi on Wednesday said FBR is taking measures to curb under invoicing of imports.In a tweet, the FBR chairman said, "FBR is seriously working to curb under invoicing of imports. Valuation system and processes are being improved. Nevertheless, FBR seeks the support of business community, including chambers of commerce on this matter. This is highly important to save local industry.
"He said the decision has been taken facilitate importers over imports. He warned importers against under invoicing and low disclosure of imports, adding that strict actions will be taken against violators.The changes have been made in unit of merriment system and valuation unit.The FBR chief said importers had made some more suggestions in this regard and following the suggestions, the FBR will take further changes.Shabbar Zaidi said the FBR has achieved 90 per cent of the major tax fixed target in the first quarter, adding that measures against under invoicing helped in reducing imports less than $3 billion.He said the trader community has been warned for less disclosure and under voicing.
