Caretaker Finance Minister Dr. Shamshad Akhtar Friday expressed optimism that the Federal Board of Revenue of Pakistan (FBR) would achieve its target of RS 9.4 trillion during the current fiscal year (2023-24), reported the 24NewsHd TV channel.
She was addressing a ceremony organized in commemoration of World Customs Day at the historic Karachi Old Customs House.
The ceremony was attended by distinguished guests and officials from across the city.
The minister Shamshad Akhtar shared insights into the ongoing consultation process for reforms in the Federal Board of Revenue (FBR), spanning the last five months.
The minister said that suggestions from FBR members had been considered, and the Chairman of FBR was actively involved in the reform initiatives.
She highlighted the reduction in the number of new Statutory Regulatory Orders (SRs) and acknowledged the previous high duties.
Caretaker Finance Minister emphasized the importance of customs in the development of cross-border trade.
Dr. Akhtar defined the role of Pakistan Customs as crucial in the economy, functioning as a regulator.
She expressed a preference for the One Window facility and emphasized working with a modern regulatory framework.
The Federal Finance Minister, in turn, focused on making Torkham and Chaman Border Customs significant components, highlighting excellent income opportunities at these border points.
He emphasized the importance of streamlining the one-window operation by reducing customs duties, thus facilitating smoother trade processes.
Dr. Akhtar noted the significant reduction in customs duties compared to previous years, attributing it to ongoing reforms. He further stated that the consultation process for FBR reforms has been ongoing for five months, with valuable input received from board members and the active participation of Chairman FBR in the reform agenda.
Highlighting the agency's commitment to curbing illicit trade practices, Collector Customs Enforcement Abdul Basit Abbasi reported significant seizures amounting to over Rs 3.5 billion worth of smuggled goods in 1,000 cases within a span of seven months.
Reporter: Baseen Iftikhar