Taxes on import items is a big resource of Pakistan economy, recently The Chief Executive Officer (CEO) of General Tyre and Rubber Company of Pakistan Hussain Kuli Khan, give the statement that Pakistan bears a billion of loss in taxes due to the increase of smuggling of tires. Hussain Kuli said that in the year of 2017 to 2018 The National Exchequer incurred a loss of Rs.30 billion just because of smuggling of tires.
He said tires are mostly smuggled from China through the trucks-bus radial and pay zero percent duty on import from China. Moreover, he said there should be no smuggling tires from China because it gives the biggest loss to our economy.
On Wednesday he gives the statement that if tires import from China or any other country with proper channels its very good and profitable for the economy. He said its the negligence of our government behind local industries’ departure from the market that causes the loss of job and foreign exchange because of this illegal trade.
He said my company also bear a big loss because of this illegal activity he said authorities take stick action against these company they should visit the market and seize the dealers who are sold undocumented tires in the market. Moreover. He asked the Federal Board of Revenue (FBR) to conduct the raids and seize the dealers stock who can’t produce papers.
