Dec 03, 2020: Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh Thursday stressed the need for evaluating the clearance time with reference to the regional trading partners in order to make the Federal Board of Revenue (FBR) more competitive.
The adviser was chairing the fourth meeting of the FBR Policy Board held at the FBR Headquarters here, according to press statement issued by the Finance Ministry.
Earlier, 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.
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.
These agreements have yielded positive results, the Member Customs Operations added.