September 23, 2017

Import, export licences to be granted without scrutiny of proposed price

Import and export licenses will be issued without scrutiny of prices that may be listed in invoices and sale contracts submitted by the companies in order to have smoother flow of trade, according to an announcement released by the Commerce Ministry on 22nd November.
The seekers of import and export licenses have to provide an import/export application affixed to Ks600 worth stamp duty, an invoice, a sale contract and a pledge stating that the price, the invoice and sale contract are true, it is learnt. Regarding taxation on imports and exports, the tax rate will be set in accordance with the law, rules, procedures and regulations laid down by the Planning and Finance Ministry, depending on the price mentioned in the invoice.
If the companies are found to provide false invoices, sale contracts, documents with lower-than-actul prices with the intention of tax evasion, action will be taken against them according to existing laws. The licenses are granted with the price on the invoice and sale contract but the departments concerned will conduct an inspection abiding by the prescribed international procedure, if needed, according to the Commerce Ministry.


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