Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh chaired the fourth meeting of the FBR Policy Board held at FBR Headquarters in Islamabad. 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.
Member Customs Operations gave a detailed presentation on customs valuation (under-invoicing) and highlighted measures to be taken to plug in gaps and enhance custom revenues in 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.
The Adviser stressed the need to evaluate the clearance time with reference to our regional trading partners in order to make FBR more competitive.