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.
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.