FBR to bring new law to deter under invoicing in import, export receipts
The Federal Board of Revenue is contemplating introducing strict laws to deter under invoicing in import and export receipts, reported 24 News HD TV Channel on Monday.
According to sources, the FBR will take steps to discourage under invoicing in import and export dealings clearly in pursuance of conditions suggested by the Financial Action Task Force (FATF), a global money laundering and terrorist financing watchdog.
Sources said the new law would make it compulsory to cross-match the export and import documents. They said it was suggested that the Customs Department would check the receipts of all imported articles at the export station.
It has also been suggested to monitor the import and export prices of the articles.
Sources informed that the government had started receiving data regarding invoice of imported articles from China, Dubai, Hong Kong and Singapore.
Stringent measures will be taken to stop under invoicing in import and export receipts in the forthcoming budget as the government is determined to take action against money laundering, added the sources.