Summary The government is not able to deduct duties and other taxes on imported cars
ISLAMABAD (Dunya News) – Economy reportedly bears burden worth Rs 300 billion every year due to smuggled tyres, diesel and mobile phones among 11 different items, Dunya News reported Monday.
Tax Reforms Commission (TRC) has issued an investigative report pertaining to smuggled items and the loss country’s economy renders owing to the crime.
The report states that tyres, diesel smuggled from Iran, mobile phones, clothes, auto parts, television sets, tea and cigarettes and other items weigh around Rs 900 billion over the economy annually.
Smuggling of mobile phones alone cost the country Rs 100 billion while diesel illegally obtained from Iran Rs 87 billion. National treasure has to endure losses worth Rs 17 billion due to vehicles smuggled from different countries.
The government is not able to deduct duties and other taxes on imported cars causing loss to the national treasure.
The reforms commission has recommended the government to take strict measures to root-out smuggling in the country. The report has stressed the need of closer collaboration of institutions including federal Bureau of Revenue (FBR).
The commission has also called for a better accountability process of the government departments.
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