Latest FBR Releases
The Additional Secretary Revenue Division, Shahid Rahim Sheikh has clarified here today that during meetings with the Federation and the various Chambers, the issue of under invoicing especially with regard to imports from China are repeatedly raised. While the undesirable fact of under invoicing cannot be denied and Pakistan Customs has in the past and at present also taken legal and administrative measures to address this problem, the complaint regarding huge gap in the trade figures of Pakistan and China has been examined at length.
2.It has been stated in different meetings and also in a section of national media that reportedly China exported goods worth US $ 12 billion to Pakistan during last year while the import figure of Pakistan indicate an import of US $ 4 billion. This stated gap is attributed entirely to under invoicing in the import from China. It is clarified for the information of all concerned that this assertion is incorrect. As per official trade figures of both the countries, available on the website of International Trade Centre (ITC) (www.trademap.org), the value of China’s exports to Pakistan during 2011 was US $ 8.4 billion. Pakistan imports were US $ 6.4 billion. The discrepancy was thus of only US $ 02 billion and not US $ 8 billion as reported in different trade meetings and a section of press.
3.The issue of disparity in the trade figures of the two countries in addition to the element of under invoicing is attributed to different accounting periods and methodologies. Pakistan Customs has taken up this matter with China Customs in the past also and the matter is being again attended to. It is further informed that disparity in trade figures of China is not unique to Pakistan and such variations also exist between trade figures of China and some of its other trading partners.