ICCI calls attention: Smuggling causing revenue loss

ISLAMABAD: Islamabad Chamber of Commerce and Industry has called upon the government to take strong anti-smuggling measures as rising phenomenon of smuggling was undermining the local industry. Islamabad Chamber of Commerce and industry President Muzzamil Hussain Sabri said that the national exchequer was reportedly losing around Rs120-150 billion annually due to smuggling of many items which is discouraging investment and legal imports and causing sufficient revenue loss collected from taxes, duties and levies at import stage. He said a World Bank study has estimated revenue loss of $35 billion to the economy during nine years due to smuggling of Afghan transit trade alone. He said government should consider withdrawing 7.5 percent customs duty, 27 percent sales tax and around Rs8 per litre petroleum development Levy to discourage their smuggling.

Published in The Express Tribune, June 24^th,  2015.

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