Smuggling, under invoicing rife in Pakistan tyre market – General Tyre

The CEO of Karachi based tyre manufacturer General Tyre and Rubber of Pakistan, Shahid Hussain, has told Pakistan’s Daily Times that under invoiced imports and smuggling accounts for 57 per cent of local sales for passenger car tyres, 85 per cent for light truck tyres and 97 per cent for truck and bus tyres. These two activities not only impact upon manufacturing capacities at the tyre maker, which incidentally is which is 9.78 per cent owned by Continental and operates a technical service agreement with Continental Tire the Americas; Hussain states it is costing Pakistan’s government around 7 billion rupees (£50.4 million) in lost duties and taxes.