ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh has stressed the need to evaluate the clearance time with reference to regional trading partners in order to make Federal Board of Revenue (FBR) more competitive.
The adviser issued this direction while chairing the fourth meeting of the FBR Policy Board at the Federal Board of Revenue headquarters on Thursday.
The customs (operations) member made a detailed presentation on customs valuation (under-invoicing) and highlighted measures to be taken to plug in gaps and enhance customs’ revenues in future. He said that FBR has issued valuation rulings and entered into Electronic Data Exchange (EDE) agreements with China, Iran and Afghanistan, etc, to address the issue of under-invoicing on imports effectively. These agreements have yielded positive results, he maintained.
Adviser to the Prime Minister on Commerce Abdul Razak Dawood, Privatisation Minister Mohammadmian Soomro, SAPM on Revenue Dr Waqar Masood, Adviser to PM on Institutional Reforms and Austerity Dr Ishrat Hussain and Industries & Production Minister Hammad Azhar also participated in the meeting.