ISLAMABAD: Federal Board of Revenue (FBR) has announced the finalisation of a draft law consisting amended regulations for cargo clearance that focuses on improvements in risk management system.
FBR spokesperson announced Pakistan Customs finalised regulations related to risk management system for cargo clearance in accordance with the Article 7.4 of World Trade Organisation (WTO) laws.
The process of amendments in Customs Act 1969 has been completed under the Finance Act 2019, the spokesperson added. The new regulations will be helpful to spot high-risk imports and export commodities besides significantly reducing the time of cargo clearance.
The revenue board said cargo will be cleared immediately from the country’s ports under the new regulation which would cut trade costs and promote investment.
Earlier on December 18, FBR chairman Shabbar Zaidi had said that the tax collection body is committed to curbing under-invoicing of imports to save local industry.
Taking to the social networking website, twitter, Shabbar Zaidi said, “FBR is seriously working to curb under-invoicing of imports. Valuation system and processes are being improved.”
He urged the business community and chambers of commerce to help FBR in stopping under-invoicing of imports.
The chairman added, “this issue is highly important to save local industry.”—NNI