The Federation of Pakistan Chambers of Commerce and Industry’s Businessmen Panel (BMP) has suggested the government to reduce the tariff rates on smuggling prone items to the lowest level to curb smuggling, as Afghanistan’s imports through Pakistan under the transit trade facility has gone up nearly two-thirds to $7.3 billion in the last fiscal year.
The FPCCI former president and Businessmen Panel (BMP) Chairman MianAnjumNisar observed that the total elimination of smuggling only through administrative measures at the borders was difficult and the remedy lies in reducing incentive for smuggling by reducing tariff rates.
Smuggling is eating vitals of Pakistan economic fabrics and needs to be curbed through fiscal and administrative measures.
It renders industrial products uncompetitive and discourages legal imports thus make colossal losses to the trade, industry and government exchequer.
Despite efforts of Federal Board of Revenue (FBR) with limited resources cannot control smuggling form boarders of Iran and Afghanistan.
This will result in higher government revenue, provide impetus to local trade/ industry and generate employment opportunities.
He said that elimination of smuggling, which is causing loss of billions of dollars to the national exchequer, could help reduce dependence on debts.
