Automated Currency Declaration System Inaugurated at FBR

Federal Minister for Finance and Revenue, Shaukat Tarin has stated that the government is taking measures to stop under-invoicing, especially taking place in the import of petroleum products, as it is causing huge revenue loss.

Addressing the inauguration ceremony of the Automated Currency Declaration System at the FBR headquarters in Islamabad on Tuesday, Tarin said Pakistan Customs was bringing the Single Window System to control the under-invoicing systems. He rued the goods were coming from China and were being invoiced from Dubai.

The government is keen on stopping such practices and plugging the gaps, he underlined. “This is something which is called as black sheep of our economy,” he said, assuring the audience that such practices would be identified and those involved in them would be nabbed.

The Minister highlighted that the Federal Board of Revenue (FBR) was to be made fully automated and the government was reaching the tax evaders.

He maintained that FBR was being converted into a fully automated and digital organization. He said the government was reaching the rich not coming into the tax net.

“Taxation and foreign exchange is a very important component for Pakistan,” he said, adding, “we are trying to document the economy by recent legislation and reforms.” He said there was no tracing and tracking of foreign exchange in the country.

Chairman FBR Dr. Ashfaq Ahmed said the currency declaration system would be applicable under the Customs rules and the automation would help regulate the foreign currency under the Customs Act. Earlier, he said, the declaration system manually worked. “There were many complications involved in the manual work and declaration and manipulative practices were not caught,” he added.

Chairman FBR said that declaration could be taken from every person under international practice, as the State Bank of Pakistan had set a limit of repatriation of foreign exchange at USD 60,000. He acknowledged the fact that earlier FBR did not have the mechanism to check who stole the dollars and how much they were taking back. “After automation, no one will be able to carry an extra dollar,” he revealed.

The currency declaration system will be directly linked to IBMS and VBok. This system has been developed by National Database & Registration Authority and it will be monitored by Federal Investigation Authority along with FBR.

“Under this system, real-time data will be provided to SBP, FIA, Inland Revenue Service, and NADRA,” Chairman FBR said. He also announced that the currency dealers would be linked to the FBR’s point of sales (PoS) system.

Earlier, spokesman FBR, Asad Tahir Jappa informed the audience that FBR was taking steps to curb money laundering.

Director-General FIA, Sanaullah Abbasi, and Chairman NADRA, Tariq Malik also attended the ceremony.

Source: Pro Pakistani