Government officials, including Finance Minister Dr. Shamshad Akhtar and FBR Chairman Amjad Zubair Tiwana, engaged in a high-level meeting with military leaders at Army House in Rawalpindi to address under-invoicing concerns and strategize tax reforms. The meeting highlighted a staggering $7.51 billion trade discrepancy in imports and exports with major partners: China, Singapore, Germany, and the United Kingdom. Pakistani traders are allegedly involved in under-invoicing, prompting a crackdown by the Customs Department on warehouses storing smuggled goods and illegal petroleum products.
Finance officials emphasized a $3-4 billion trade gap with China and are working to obtain real-time data. The government pledged support for law enforcement agencies, particularly the Customs Intelligence Department, focusing on information-based raids on warehouses and illegal storages.
The Customs Department, including Customs Intelligence, launched a massive crackdown on smuggled goods and illegal petroleum product storages, emphasizing targeted actions over small-scale operations. The collaborative effort between the military and government aims to strengthen the Federal Board of Revenue (FBR) through major tax reforms and restructuring to combat under-invoicing. The situation underscores a significant challenge to national security, with officials unveiling measures to address the crisis and restore economic integrity.