Under-invoicing?of used cars coming out of the Japanese market last year cost Barbados roughly $60 million and according to retired Comptroller of Customs Frank Holder, the time has come for legislation to strengthen the power of officers to fight the illegal practice.
Trade figures for 2012 indicate that Japan sent Barbados $68 million worth of used vehicles but official statistics show the declarations for the island total only $37 million, leaving the Treasury more than $30 million short of taxes.
“That impacts on the revenue because the usual rate on cars is 200 per cent and that is another $60 million the Government is losing.
“That is why our officers have been stopping people at the port gate, because some of the values are not correct. Because you have presented an entry and it has been passed does not mean you can take your vehicle out and that is the end of it,” said Holder, who retired two weeks ago as head of the Customs Department after more than 40 years in the Government service.
In an exclusive interview with the DAILY?NATION, Holder said that some importers were under-invoicing by more than 50 per cent.
