Consignments intercepted due to offenses of overinvoicing or
underinvoicing will be confiscated and punishments will be meted out to the wrongdoers.
There is no doubt that this overinvoicing and
underinvoicing has involved the country (Nigeria) in huge foreign exchange drain and losses in revenue.
" Our investigations indicate that at least 60 traders could be involved in over and
underinvoicing of goods," special director, NIA, Anil Shukla said.
He said steps should be taken to address the issues of
underinvoicing on Chinese imports.
He said, "Steps should be taken to address the issues of
underinvoicing on Chinese imports."
(1997) Determinants of
Underinvoicing of Imports in Pakistan.
The
underinvoicing of imports and exports by Dominican businesses is a relatively common practice for those seeking to avoid taxes and customs fees.
This may be accomplished through acquiring loans, making salary payments, paying consulting fees, the use of false import/export invoices, overinvoicing and
underinvoicing, real estate investment and investment in the securities markets.
I suspected
underinvoicing of sales out of Kenya, and overinvoicing of expenses charged to Kenya, which both reduce taxable profit in Kenya.
Export misinvoicing fluctuated between
underinvoicing values of $0.2 billion and overinvoicing values of $0.7 billion, while import misinvoicing switched from
underinvoicing, peaking at $1.6 billion in 1983, to recent overinvoicing--up to $3.8 billion in 2002.
By comparing the extent of misreporting on quantities versus values, we were further able to determine whether evasion occurred through
underinvoicing quantities, prices, or relabeling high tariff goods as low tariff ones.
(13) Countervaluation is done either by the
underinvoicing or overinvoicing of product flows between these import/export businesses.