|Listen to Live Jamaican Radio, Listen to Power 106 FM 24x7. Click Here to Listen Free | (Advertisement)|
Customs gears to fight under-invoicing battle
2012-09-19 08:39:02 | (0 Comments)
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.
Commissioner of Customs Major Richard Reese - File photo
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.
Source: The Gleaner/Power 106 News
The opinions on this page do not necessarily reflect the views of The Gleaner. The Gleaner reserves the right not to publish comments that may be deemed libelous, derogatory or indecent. To respond to The Gleaner please use the feedback form.
Go- Jamaica: Home | Business Directory | Jobsmart | Chat | Gallery | Videos | Events