Steel sector moves FBR for parity with LME prices

In a presentation to Dr Muhammad Ashfaq Ahmed, chairman FBR, on Monday, Pakistan Association of Large Steel Producers (PALSP) has raised the issue of delay in linking customs value with internationally published prices on import and export of metals/metal scrap have throttled the industrialisation in Pakistan and encouraged misdeclaration in customs value and money laundering.

For and on behalf of large steel manufacturers, the PALSP would like to have meeting with the FBR chairman to report and outline well-aware underinvoicing menace that had thrived unabated because of illegal gratification acted as incentive.

Professional trade criminals have become well-organised and strong because of delays in implementation of effective counter measures by the federal government.

The foreign exchange ‘robbed’ through under invoicing in export is parked outside Pakistan and utilised in misdeclaration of customs value on imports to evade the national revenue.