*ISLAMABAD – In order to counter the menace of import under invoicing andevading taxes, the Federal Board of Revenue (FBR) is establishingelectronic 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 AteeqSarwar, Member Inland Revenue Policy at the Federal Board of Revenue (FBR),informed the *Arab News* that the FBR was planning to complete the projectwith the UAE, European countries and Singapore by June this year.
The FBR official added that after getting connected with the electronicdata interface of a country, will make it almost impossible for importersto change their invoices.
Back in December, FBR Chairman Syed Shabbar Zaidi sought the support ofbusiness community to curb under invoicing of imports. In a tweet, the FBRchairman said that his organization “is seriously working to curb underinvoicing of imports.” He added that the valuation system and processes arebeing improved.
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“Nevertheless, FBR seeks the support of business community includingChambers of Commerce on this matter. This issue is highly important to savelocal industry,” stressed Zaidi.
Last week, FBR told the Senate that 17 importers were found involved inmis-declaration and under invoicing in the IT equipment’s imports. The FBRrevealed that 46 percent under-invoicing was observed during 2015 to 2019.The progress of audit of new IT products revealed under-invoicing of $5million in supplier value of $11 million of a brand.
