The Federal Board of Revenue (FBR) has established the Office of the Director General (Special Initiatives — Customs) to identify loopholes in the revenue collection mechanism and eliminate misdeclaration, under invoicing/mis-invoicing, and smuggling.
According to a notification issued by the FBR on Friday, the Competent Authority has approved establishment of Office of the Director General (Special Initiatives — Customs) and two Directors (Special Initiatives-Customs) in FBR (HQ), to coordinate with the field formations to identify loop holes in revenue collection mechanism (if any).
The office will also take care of measures regarding the prevention of misdeclaration as well as under invoicing/mis-invoicing and further streamline the efforts to curb the smuggling phenomena.
These efforts will not only be helpful to remove multiple complex professional bottlenecks but also set-aside many unnecessary obstructions in tax collection efforts causing significant revenue loss to the national exchequer, the notification stated.
The Director General (Special Initiatives-Customs) will also coordinate with other Ministries/ Divisions/ Departments regarding Customs-related matters, if required so.
Salient features/functions for the office of the Director General / Directors (Special Initiatives — Customs) are as under:
- The Director General/Directors (Special Initiative-Customs) will coordinate and maintain information exchange mechanisms with the field formations, other Ministries/Divisions/Departments, and Provincial Authorities regarding Custom matters as assigned by the Board.
- The Director General/Directors (Special Initiative-Customs) will identify and examine loopholes in the revenue collection system (if any) and propose remedial measures so that these loopholes may be plugged in effectively.
- The Director General/Directors (Special Initiative-Customs) will suggest measures to eradicate mis-declaration and under-invoicing attempts.
- The Director General/Directors (Special Initiative-Customs) will advise/help Customs Academy Pakistan to design special courses/ workshops to create awareness among the Customs officers/ officials regarding mis-declaration and under invoicing regime, FBR added.
how about set up special office to needlessly spending taxes collected by poor people on ayaashi of elites?
Would it comprise of angles
It is a good initiative by GOP toward combating ill practices to attain this ultimate objective. At the same time, they also need to bridge the gaps in relation to cash transactions on following lines:
1. Need to review existing AMal law including SBP AML/CFT regulations to further air tight cash transactions.
2. A threshold can be placed for deslpositing cash over bank counters especially for corporate accounts.
3. Tax rate to be increased for cash transactions so to discourage it.
Thanks
Sohail