Change in valuation system is on cards.

 
FREE EXCERPT

LAHORE -- Director General Valuation Mukarram Jah Ansari has said that a big change in valuation system in line with international best practices for appraisement would bring a good change and positive effect for industry and trade will take place shortly. He was speaking to the business community during visit to Lahore Chamber of Commerce and Industry on Monday. The official said that issues such as under invoicing and smuggling are big challenges for the economy. Change in valuation system would improve the tax collection while government, law enforcement agencies and the department are committed to root out the menace of smuggling.

While throwing light on the magnitude of mis-invoicing and resulting revenue loss in Pakistan, he said that according to a report, volume of trade mis-invoicing exceeded US$ 92. 7 billion during 1972 to 2013 while revenue loss in term of customs duties and export with-holding tax remained US$ 11 billion. Ansari said that there is a huge difference in trade value with nine countries out of ten. While...

To continue reading

REQUEST YOUR TRIAL