The economy of Pakistan faced the huge loss of Rs 40 billion due to IT products under invoicing in last 5 years.
Due to IT products under invoicing, products worth Rs 68 billion were imported in 2018 compared to the Rs 36 billion declared value. However, it resulted in the Rs 8 billion tax evasion.
According to sources, during last 5 years, taxes or duty of Rs 40 billion were evaded because of IT products under invoicing that is allegedly utilized for money laundering. However the news was revealed in the Senate Standing Committee on Commerce and Textile Industry that did a meeting with Syed Shibli Faraz.
Custom officials also admitted the IT products under invoicing. However, they revealed that the 26.66% under invoicing was reported in used laptops, 53.125% in networking switches, 68% in USB hubs, 50% in hard disks, and 62.4% in wireless access points.
On the other side, committee chairman said that the data collected from FBR – Federal Board of Revenue and other related departments revealed that the approximated IT products under invoicing was around Rs 40 billion in last 5 years.