To curb irregularities, importers must now submit monthly purchase and sales records to the respective customs house, aligning with VAT practices, according to a statutory regulatory order (SRO) issued by the National Board of Revenue (NBR) on December 22.
The move aims to prevent the concealment of imported goods and machinery through unauthorized sales channels. NBR officials believe this alignment with the VAT department’s directive will ensure accurate accounts, reducing issues such as under-reporting sales. While this step enhances compliance, businesses express concerns about potential harassment and increased costs associated with regular record submissions.
Syed Nasir, managing director of Xclusive Can Limited, suggests integrating customs with the existing VAT systems to streamline information sharing and avoid duplicative efforts. In response to potential challenges, the NBR order allows for flexibility in cases where electronic information is unavailable due to natural disasters or logical reasons, granting the customs commissioner authority to take necessary actions for assessing imported goods.
