Pakistan seeks data sharing pact with UAE to curb under-invoicing

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In what appears to be a last resort, Pakistan Customs has linked curbing the menace of under-invoicing by the country’s importers to the inking of an Electronic Data Exchange (EDE) agreement with the United Arab Emirates (UAE).

Over the past few years UAE ports have emerged as a leading source of under-invoicing for Pakistani importers who declare their products at lesser value there in order to reduce their tax payments. The issue of under-invoicing among others was raised at the Federal Board of Revenue (FBR) Policy Board meeting chaired by Finance Adviser Dr Hafeez Shaikh on Thursday.