Controls on Import Tax Decreed
- Details
- Category: The Nation
- Published on Monday, May 23 2011 01:30
- Written by Rod Hughes
- Hits: 690
With a nervous eye on the climbing national debt, the government has decreed better controls at customs to avoid undervaluing goods entering the country.
The initiative adjusts the criteria to align better with international organizations such as the World Trade Organization and the World Customs Organization, reported the business publication El Financiero.
Not only do customs officials' undervaluing imported items rob the country of legitimate tax revenue, other importers complain that it puts them at a serious disadvantage in the marketplace.
The decree aims at educating customs officials to the actual value of the goods. If an importer declares an import at a lower than established price, the system will activate a study of its value.
This is just one of the administrative measures put into effect by the Ministry of Finance to combat tax evasion.
