December 12, 2018 (MLN): The Federal Board of Revenue (FBR) has received its first batch of Trade Price Data from China’s customs authority, for the export of goods to Pakistan.

Addressing the public on a social media platform, Hammad Azhar Minister of State for Revenue declared this to be “A big breakthrough to address under-declaration and duty evasion.”

Under-invoicing of import bill has been a wide-spread problem in Pakistan for years now, whereby importers cutback on duty payments to earn heavy profits on sale of their imports.

However, with latest technology employed, FBR will be getting first hand Trade Price Data from China’s customs authority, so as to avoid this fraud.

This upgrade is expected to prove positive for electronic companies, sectors such as steel and chemicals, and construction companies.

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