State Minister for Revenue Hammad Azhar said Wednesday that the Federal Board of Revenue (FBR) has received first batch of Trade Prices Data electronically from China's customs authority for goods being exported from China to Pakistan.
In a tweet here on Wednesday, Hammad Azhar said that Pakistan has witnessed a big breakthrough to address under-declaration and duty evasion on imports from China. First batch of Trade Prices Data has been received electronically at FBR from China's customs authority for goods being exported to Pakistan, the minister added.
Few months back, Pakistani and Chinese customs authorities have decided to operationalise system for exchange of data information relating to the imports and exports between the two countries. The system has been made operationalised between Pakistan and China to check under-invoicing.
All systems are in place and system has been made operational between the two customs authorities. Both the countries have implemented Electronic Origin Data Exchange System between China Customs and Pakistan Customs.
To address under-invoicing of imports, Pakistan and China had reached an agreement to initiate digital exchange of trade data.
Sources said that the EDI between Pakistan and China operationalised that would go a long way to detect menace of under-invoicing. There is difference in data related to imports from China between the two sides so there is need to devise mechanism for reconciliation of actual data related to exact level of bilateral trade between the two countries.
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