NBR blames under-invoicing for revenue losses
A section of importers are evading duty through under-invoicing during the import of various products, causing a huge loss of revenue to the state coffers.
The information came to light at a meeting of the customs wing of the National Board of Revenue and the customs commissioners with NBR Chairman Nasiruddin Ahmed.
The meeting was told that the process to evade duty has been made easier for some businesspeople as the import of some products have been kept out of the pre-shipment inspection (PSI) system.
The meeting was convened to fix strategies for checking revenue losses allegedly through under-invoicing during the import of different products.
The customs commissioners said the incidents of duty evasion has increased as some 3,000 products have been kept out of the PSI process. They emphasised the need for bringing those items under the PSI system.
Referring to the current fiscal year's revenue earning target of Tk 12,572 crore through import duty, a top customs official said it is possible to double the earning if the duty is properly realised.
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