On 3 March, KYC 360 reported that a new report from the Global Financial Initiative analysed inconsistencies in import and export values between a developing economy and its developed economic partner. A value gap found has been attributed to trade misinvoicing, which is the deliberate falsification of the price, quantity or other details of a transaction. It says that Gambia that has the largest gap as a percentage of its total bilateral trade with the 36 advanced economies, at 37.3%, followed by Gabon, Togo, The Maldives and Malawi. Introducing a law enforcement element to customs’ traditional tax collection role, especially in the less regulated free trade zones, is one of the recommendations made by GFI in the report.
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