Underinvoicing on imports and exports means that the SA Revenue Services does not collect what is due to it
There was an average annual gap of $20bn 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.
SA's $20bn trade gap represented an average of 19.4% of the country's total trade over the period 2008-2017, Global Financial Integrity said in a report on trade-related illicit financial flows released on Tuesday. The report examined trade-related illicit financial flows across 135 developing countries and 36 advanced economies.
“Our research found that on average over ten years, the rate of trade misinvoicing as a percent of total trade with advanced economies for SA was 19%. This is a high percentage of trade to be misinvoiced, nearly a fifth of all SA trade.” It based its latest report on official government trade data reported to the UN. It used a partner-country analysis to compare and contrast the differences between any set of two countries to identify value gaps, or mismatches, in the reported data.
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