FBR to take action against under-invoicing, misdeclaration

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Observer Report

Islamabad

The Federal Board of Revenue on Thursday warned the business community against under-invoicing or misdeclaration of imported goods. The board in a statement said that otherwise, the FBR will take punitive action against those involved.
According to the statement, FBR Chairman Syed Shabbar Zaidi conveyed a message to the business community that besides refraining from smuggling goods, they should not indulge in under-invoicing or other misdeclarations when getting their imported goods cleared at ports.
“Any importers, their clearing agents and the delinquent staff found involved in such practices shall be liable to punitive action under the law,” read the statement.
The FBR chairman further urged the traders to refrain from dealing in smuggled goods and categorically stated that “whosoever is found involved in any way dealing with the sale, purchase or storage of the same will be dealt with strictly”.
The FBR statement read that the country has been facing the problem of securing its economic borders as rampant smuggling not only entails huge revenue losses but also adversely impacts the existing industry and future investment.