Trade underinvoicing costs SA billions, US report shows
Underinvoicing on imports and exports means that the SA Revenue Services does not collect what is due to it
03 March 2020 - 11:23
There was an average annual gap of $20bn (about R310bn) in the value of trade between SA and its global trading partners in the period between 2008 to 2017, a Washington DC-based think-tank has calculated.
The gap arose from trade misinvoicing, which occurs when importers and exporters deliberately falsify the stated prices on the invoices for goods they are importing or exporting as a way to illicitly transfer value across international borders, evade tax and/or customs duties, launder the proceeds of criminal activity, circumvent currency controls and hide profits offshore...
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