Obey writes about Zimbabwe's potential lost millions in revenue due to smuggling syndicates operating in the north-eastern border of the country.
"THE government could be losing millions of dollars in revenue via its north-eastern port of entry at Forbes Border Post due to under-declaration and false classification of goods by importers to evade paying the correct taxes as corruption takes its toll, border officials, clearing agents and others have said
With companies struggling to remain afloat due to the economic problems, government now relies on tax heads such as excise duty and value-added tax (VAT) to meet its revenue targets.
Under-declaration of goods is whereby importers misrepresent the quantity of goods they are bringing into the country in a bid to avoid paying the correct taxes while, on the other hand, false classification of goods involves a situation whereby importers present false goods to the tax officers for purposes of evading paying the correct taxes." Click here for the full article.