Mis-Declaration Found for Prime Steel Import as Scrap in Pakistan
Business Recorder reported that according to a research report prepared by Pakistan’s steel sector with the help of experts, large-scale mis-declaration of
Business Recorder reported that according to a research report prepared by Pakistan’s steel sector with the help of experts, large-scale mis-declaration of primary steel in the garb of scrap has put Pakistan’s steel sector at a disadvantageous position and also causing huge revenue loss in billions. An analysis of the recent trade data on the imports of scrap and other steel items revealed that there is an over reporting of steel scrap imports when compared with statistics disclosed by the scrap exporting countries to Pakistan. In the year 2019, Pakistan reported 4.02 million tonnes of steel scrap import, however the exporting countries of steel scrap to Pakistan reported an export of 3.13 million tonnes of steel scrap export, showing a discrepancy of almost one million tonne.
Steel makers have urged Pakistan’s Federal Board of Revenue to take immediate measures to check massive mis-declaration of steel products at the import stage, causing revenue loss to the tune of billions to the national exchequer.