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Efforts afoot for accord on data exchange between Pakistan, China

ISLAMABAD: Efforts are underway to pursue China for signing of Memorandum of Understanding (MoU) for making electronic Exchange of Data Information (EDI) fully operational between Customs authorities of Pakistan and China during the upcoming visit of Prime Minister Imran Khan.The purpose of signing MoU on EDI is aimed at controlling increasing menace of under invoicing ranging up to $6 billion per annum, causing heavy losses to economy of Pakistan.Different mafias are involved to stop electronic exchange of data between the two countries as some officials argued that the previous government spent money to install software for ensuring exchange of electronic data but some kind of lacuna always surfaced to block its smooth functioning in one way or the other. “The FBR’s Customs department has now made fresh request to China through our own Ministry of Foreign Affairs for signing MoU on EDI during this upcoming VVIP visit as Prime Minister Imran Khan is scheduled to visit Shanghai and Beijing for attending China Import Expo Exhibition first ever arranged by China to provide chance to neighbouring regions and countries to increase their shares for exporting products to China and decreasing their trade deficit” said the official sources.The China International Import Expo (CIIE) is a 6-day event being held from 5th November to 10th November 2018 at the National Convention & Exhibition Center in Shanghai, China.This event gathers government officials, business communities, exhibitors and professional purchasers across the world and provides them new channels for countries and regions to do business, strengthen cooperation and promote common prosperity of the world economy and trade.The much-awaited EDI between Pakistan and China had already operationalised from last May 2018 and so far China shared around 20,000 Goods of Declarations (GDs) but now Islamabad wanted to place an institutional framework by signing MoU. Although, its part of revised China Pakistan Free Trade Agreement (CPFTA) but Islamabad’s customs officials wanted to move ahead with signing of MoU as early as possible.There is massive difference in data related to imports from China in the range of $4 to $6 billion between the two sides so there is need to devise mechanism for reconciliation of actual data related to exact level of bilateral trade between the two countries.However, the FBR’s top official said that the tax authorities would be able to curb $1 billion under-invoicing on annual basis it would have multiplier effect on taxation as well as increasing tax collection in the range of 30 to 35 percent on account of all taxes at import stage.The official said that when Goods of Declaration (GDs) would be filed in China it would be instantly available with Customs authorities at clearing stations so it would help customs officials to ascertain its exact value on the basis of which they could charge tax collection. It will not be possible to declare different value at different places on the same items, he added.The Pakistan Revenue Authority Limited (PRAL), a subsidiary of the FBR, developed software in consultation with Director General Reform and Automation of Customs Pakistan and China have so far remained unable to finalise second phase of FTA mainly because of concerns expressed by the Islamabad taxation authorities and business community arguing that the increased incentives for imported tariff lines would erode industrial sector of the country and the country could become heavily dependent upon Chinese imports and our industrial base could further shrink.

from The News International - Islamabad https://ift.tt/2zganHG
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