The Federal Board of Revenue (FBR) is likely to sign Electronic Data Interchange agreements with four major import partners, as part of a strategic move to tackle under and over-invoicing in international trade.
To enhance transparency and accountability, the FBR has set new targets to effectively address issues related to invoicing discrepancies.
The initiative involves drafting a Memorandum of Understanding (MoU) for Electronic Data Interchange (EDI), with the FBR intending to send the drafts to the concerned countries, namely the United Arab Emirates, Singapore, Hong Kong, and Afghanistan, through the Ministry of Foreign Affairs.
The government is focused on expediting the process and aims to sign the MoU promptly, recognizing the potential of such agreements in playing a crucial role in curbing both under and over-invoicing of imports.
The move aligns with broader efforts to strengthen regulatory measures and ensure integrity in international trade practices.