Nationwide Action Needed Against Import Under-Invoicing: Iftikhar Ali Malik

Lahore, October 18: Former President of the SAARC Chamber of Commerce and Industry, Iftikhar Ali Malik, has called for immediate nationwide action against import under-invoicing, saying the illegal practice is causing substantial losses to the national exchequer while undermining domestic industries and the competitiveness of locally manufactured products.

In a statement, Malik said that declaring imported goods at prices lower than their actual value reduces the collection of customs duties and other taxes. He said such goods are subsequently sold in local markets at artificially lower prices, creating unfair competition for domestic manufacturers. This discourages industrial investment and weakens the competitiveness of locally produced goods.

He urged the government to strengthen monitoring of import transactions, ensure strict enforcement of customs laws, and improve coordination among relevant institutions. He also called on the Federal Board of Revenue (FBR) to ensure transparent and effective scrutiny of import documents and take legal action against those deliberately declaring lower values for imported goods.

Malik also stressed the need for greater bilateral cooperation between Pakistan and China to curb under-invoicing in cross-border trade. He said effective electronic data sharing between the two countries could help identify trade irregularities, establish the actual value of imported goods, and reduce revenue losses.

He said accurate declaration of import values, effective monitoring, and strict enforcement of relevant laws could increase national revenue, protect domestic industries, and support sustainable economic growth.