FBR, NTC sign MoU for electronic exchange of information

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ISLAMABAD: Federal Board of Revenue (FBR) and National Tariff Commission (NTC) have signed a Memorandum of Understanding (MoU) for the exchange of electronic information to accurately implement notifications for levying countervailing, anti-dumping and safeguarding duties. The electronic exchange will help save time, reduce cost of doing business, and improve efficiency.

Integration of Regulatory Authorities (INTRA) is an initiative of FBR through which regulatory authorities are being integrated with customs automated clearance system. The integration permits the electronic exchange of import documents, which are prerequisites for allowing import of certain items under the prevailing import policy. The aim is to improve Ease of Doing Business in Pakistan by facilitating cross-border trade. Customs has already signed MoUs in this regard with State Bank of Pakistan (SBP), Engineering Development Board (EDB), and the provincial revenue authorities of KP, Punjab and Sindh.

The MoU between FBR and NTC is yet another milestone in rendering greater trade across borders. The electronic interface has provided real-time access to authorised officials from NTC to feed/upload notifications for levying such duties electronically in WeBOC through unique user IDs. NTC shall also have monitoring access for the said notifications.

The exchange of information in real-time basis between the two government agencies is expected to strengthen government controls and reduce chances of fraud or mis-declarations. Data integration will lead to the use of shared data for other purposes like risk profiling and audits. Both departments can make use of this data for future policy planning and reconciling their respective records.