Commerce Ministry Asked To Take Steps To Stop Under Invoicing Of IT Products

The Senate's Standing Committee on Commerce and Textile Industry on Friday asked the Ministry of Commerce to take immediate measures for tackling the issue of under invoicing of Information Technology (IT) products.

ISLAMABAD, (UrduPoint / Pakistan Point News - 14th Dec, 2018 ) :The Senate's Standing Committee on Commerce and Textile Industry on Friday asked the Ministry of Commerce to take immediate measures for tackling the issue of under invoicing of Information Technology (IT) products.

It also directed the Member Customs of Federal board of Revenue (FBR) to give it a detailed presentation on the procedure adopted for knowing the actual prices of imported products and the mechanism to bring those under surveillance, who were involved in over invoicing of or under invoicing.

The committee, which met here at the Parliament House with Leader of the House in Senate Syed Shibli Faraz in the chair, was given a briefing about the ongoing negotiations on the Free Trade Agreement (FTA) with China.

It was also briefed on the upcoming Strategic Trade Policy Framework (STPF) 2018-23, and import and export performance during the first and second quarters of the current financial year (2018-19).

The committee was told that the new National Tariff Policy would be presented to the Federal Cabinet for approval.

The committee members called for private sector commercial counselors, improvement in balance of trade and tackling de-industrialization.

The meeting was attended by senators Dilawar Khan, Nuzhat Sadiq, Nauman Wazir Khattak and Dr Ghous Muhammad Khan Niazi, Advisor to Prime Minister on Commerce Abdul Razak Dawood, Secretary Commerce Muhammad Younus Dhaga and senior officers.