ISLAMABAD: To eliminate misuse of concessionary regime under Free Trade Agreement (FTA) and revenue leakage Customs authority and China have agreed to implement Electronic Data Interchange (EDI). A meeting in this regard between the Customs authorities of both Pakistan and China will be held next week in China, in which the modalities of the data interchange will be discussed.
According to details, Customs authority and China have agreed to implement Electronic Data Interchange (EDI) to eliminate misuse of concessionary regime under Free Trade Agreement (FTA) and revenue leakage.
It is important to mention here, that Federal Board of Revenue had issued an alert regarding mis-declaration in imports from China under 50 HS codes. The Board had advised verification of suspected Certificates of Origin directly through the commercial missions of Pakistan abroad, discouraging mis-classification of goods to obtain concessions and extending benefits only to goods which strictly matched the description provided in respective SROs.
