China and Pakistan to establish online trade data exchange platform
Date:06-22-2017
By Think Real - Pakistani customs officials said in May 2017 that the Pakistan Customs had completed all the preparatory work of the electronic data exchange (EDE) and the platform would be officially launched at the end of this month, which would then cooperate with the China Customs to crack down on export underinvoicing, tax evasion and so on.
on 21th May, senior officials of China Customs went to Pakistan to review the project progress, finding that EDE project go well at the online test stage and is expected to officially start by the end of May. This will help the Pakistani customs master the actual value of Chinese products and the declared value of the importer.
Besides, according to Pakistan's "Business Records", the Pakistan Federal Revenue Agency proposed to increase 5 percentage points in tax rate of products with import regulatory tax to increase the government revenue and reduce the import of non-essential products, controlling trade deficit.
China is Pakistan's major trading partner. In 2015, the bilateral trade volume was about USD13 billion, of which Pakistan's exports to China was only USD1.93 billion while imports was USD11.02 billion.
As early as two years ago, Pakistan Tax Reform Commission (TRC) has reported to the Minister of Finance that there was goods valued USD3 billion imported from China that was involved with tax evasion, invoice errors, false declaration and other illegal activities every year.
Pakistan also plans to establish an online trade data exchange platform with other trading partners, and the next step is going to consult with Malaysia.
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