Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh, chaired the fourth meeting of the FBR Policy Board held at the FBR Headquarters, Islamabad, today.
Member Customs Operations made a detailed presentation on Customs Valuation (Under-invoicing). The presentation highlighted measures to be taken to plug in gaps and enhance custom revenues in the future. FBR has issued Valuation Rulings and entered into Electronic Data Exchange (EDE) agreements with China, Iran, Afghanistan, etc., to address the issue of under-invoicing of imports effectively. These agreements have yielded positive results.
Adviser to the Prime Minister on Commerce, Abdul Razak Dawood, Minister for Privatization, Mian Mohammad Soomro, SAPM on Revenue, Dr. Waqar Masood, Adviser to the PM on Institutional Reforms and Austerity, Dr. Ishrat Hussain, and Minister for Industries and Production, Hammad Azhar, participated in the meeting.
The Adviser stressed the need to evaluate the clearance time with reference to our regional trading partners to make FBR more competitive.