Dr. Abdul Hafeez Shaikh, the adviser to the Prime Minister Imran Khan on Finance and Revenue, stressed on making the Federal Board of Revenue (FBR) more competitive. He said that it is required to evaluate the clearance time with reference to the regional trading partners.
Dr. Abdul Hafeez Shaikh was chairing the fourth meeting of the FBR Policy Board held at the FBR Headquarters.
Before the meeting, Member Customs Operations gave a detailed presentation on Customs Valuation (Under-invoicing) and highlighted actions to be taken to plug in gaps and improve custom revenues in future.
The Board had 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.
The report says that these agreements have yielded positive results, the Member Customs Operations added.