LAHORE: Pakistan will soon launch electronic data exchange with China which would permit real-time recording between the two countries.
The launch of an electronic data trade terminal would help to control revenue evasion and money, an official said, reported The News.
The Directorate General of Reforms and Automation-Customs has made this software and user acceptance testing was carried out by Trade Development Authority (TDAP) and has now ended.
The official shared currently the testing of electronic message exchange via software was ongoing between the technical teams of Pakistan and China.
He added the system which was being established under China-Pakistan free trade agreement (FTA) is going to be available for live data exchange after the testing finishes.
In a recent talk with journalists, Finance Minister Miftah Ismail had revealed the government had found mass under-invoicing on imports from China.
And Prime Minister Shahid Khaqan Abbasi had said according to data available from Pakistan Customs imports from China stood at $12 billion, whilst data from the Chinese side revealed exports of $16 billion in the same period.
Previously, it was reported for addressing under-invoicing of imports, Pakistan and China had reached an agreement to initiate a digital exchange of trade data from April 30th, 2018.
This move is being carried out in lieu of bulging bilateral trade between Pakistan and China, which is hugely in favour of the world’s second largest economy.
Tax officials had stated electronic data exchange platform would commence operations from the end of April 2018.
An official of the Federal Board of Revenue had stated beta-testing of this electronic data exchange platform was scheduled to be held in April.
They shared a memorandum of understanding for data exchange would be inked between Pakistan and China and draft of the agreement had already been finalized.