Customs gears to fight under-invoicing battle
The Commissioner of Customs Major Richard Reese says the Customs Act is now being reviewed to strengthen measures against under-invoicing which continues to be a major challenge for his department.
According to the Customs boss, during the first five months of this fiscal year, the Customs Department collected an additional $276.6 million after re-valuing under-invoiced imports.
Major Reese says of the $276.6 million in additional revenue, $172. 4 million was generated from general cargo, while motor vehicles yielded some $104.2 million.
He says the under-invoicing of non-commercial goods was particularly common.
Importers who are found to have under-invoiced their goods can be charged a mandatory sum amounting to three times the value of the duty on the goods.