Underinvoicing

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Underinvoicing

The act or practice of stating the price of a good on an invoice as being less than the price actually paid. Underinvoicing occurs if the importer and/or exporter wish to reduce a tariff or if a buyer and/or seller wish to reduce their apparent profits so as to pay less in taxes. See also: Fraud.
References in periodicals archive ?
The LCCI Vice President Zeshan Khalil said that the government would have to weed out the menace of smuggling and under-invoicing before implementing any tax avoidance measures.
Business community urges government to form investment friendly policies
KARACHI -- To address under-invoicing of imports, Pakistan and China have reached an agreement to initiate digital exchange of trade data from April 30th, 2018.
To curb under-invoicing of imports, Pakistan-China to start digital trade data exchange
5bn, "due to possible under-invoicing, which would mean that severe revenue losses and tax evasion are taking place.
Free Trade Agreement with China - MoC claims it safeguards Pakistani industry
In an undocumented economy like Pakistan, where under-invoicing property transactions are a norm and non-declaration of income is commonplace, such presumptions can be gravely misused.
NAB and civil servants' accountability
In the case of imports, imposition of regulatory duties could lead to under-invoicing.
Need of the hour: effective trade policy regime
Chinese side also agreed on Electronic Data Exchange which would help reducing the chances of under-invoicing, another major concern of Pakistani industry.
China agrees to accommodate Pakistan's demands in FTA
would encourage the smugglers and those who believe in under-invoicing
FPCCI urged to resolve issue of regulatory duty
5bn, 'due to possible under-invoicing, which would mean that severe revenue losses and tax evasion are taking place.
China agrees to accommodate Pakistan's concerns on FTA
The gang of the accused persons is receiving funds from Pakistani agencies through hawala conduits such as accused Zahoor Ahmad Shah Watali and others and also raising funds by generating illegal profits from LoC barter trade by doing under-invoicing and cash-dealings," it alleged.
Indian agency files chargesheet against LeT, Hizbul chiefs
They were also under-invoicing the actual gold, copper and silver content in those shipping containers.
Acacia accused of under-reporting mineral exports
Pakistan Customs has completed all arrangements to launch online trade data verification to eliminate the menace of under-invoicing and plugging revenue leakages with the Chinese authorities from this month, a senior Customs official said on Thursday.
Malaysia,Pakistan : Customs may launch Chinese trade data verification this month
The identifiable avenues for money laundering in Grenada are drug trafficking, fraud, and under-invoicing.
Grenada
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