MULTAN: Senate Standing Committee on Commerce and Textile Industry meeting will be held today the issue of under invoicing regarding information technology products.
The agenda of the Standing Committee on Commerce and Textile Industry meeting will also discuss the recent Free Trade Agreement (FTA) negotiations for bilateral trade during the recent visit of China trip. Committee will also discuss Status update regarding the Strategic Trade Policy Framework (2018-23) in order to create an enabling environment for rapid industrial development, growth in exports by enhancing the competitiveness of local produces in the international markets. Briefing on import and export performance of different commodity in the first and second quarter of existing fiscal year 2018-2019 will also be discussed in the meeting of Senate committee.
Senator Shibli Faraz is Chairman of Standing Committee on Commerce and Textile Industry and he will preside over the meeting.
Secretary Valuation and Audit Shafiq-ur-Rehman directed the Collectorate along with Preventive, Appraisement(East),Appraisement(West), Islamabad, Quetta, Sialkot, Peshawar, Faisalabad, Hyderabad, Gwadar and Gilgit Collectorates to provide detail duty tax structure on import of Information Technology IT products.
The Collectorate asked to submit total import of IT products during the period of 1.11.2017 to 1.11.2018. Multan Customs will also provide (approximate) quantum of under-voicing in import of IT products from the Collectorate during period of one year. Multan Customs has also provided details about any significant case detected under invoicing about information technology I.T products. Multan Customs will also inform about measures taken effectively to control under invoicing in I.T products during said period.
Multan Customs has provide all relevant information to Secretary Valuation and Audit for comprehensive discussion to streamline policy of Commerce and Textile Industry for taking concrete decisions after evaluating reports of the Collectorates to curb under invoicing on import of IT products.
