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FBR, NTC sign MoU for electronic exchange of information

FBR, NTC sign MoU for electronic exchange of information

ISLAMABAD: Federal Board of Revenue (FBR) and National Tariff Commission (NTC) have signed a Memorandum of Understanding (MoU) for electronic exchange of information for accurate and timely implementation of notifications for levying countervailing, anti-dumping and safeguard duties. The electronic exchange will help save time, reduce cost of doing business and improve efficiency.

INTRA (Integration of Regulatory Authorities) is initiative of FBR (Pakistan Customs) through which regulatory authorities are being integrated with customs automated clearance system. The integration permits electronic exchange of import documents, which are prerequisites for allowing import of certain items under prevailing import policy. The aim is to improve ease of Doing Business in Pakistan by facilitating cross border trade. Customs has already signed MoUs in this regard with State Bank of Pakistan, Engineering Development Board, Provincial Revenue Authorities of KP, Punjab and Sindh.

The MoU signed between Federal Board of Revenue and National Tariff Commission aims at electronic exchange of information for accurate and timely implementation of notifications for levying countervailing, anti-dumping and safeguard duties. Signing of MoU with NTC is yet another milestone in the direction of facilitating trading across borders. Electronic interface has provided real time access to authorized officials from NTC to feed/upload notifications for levying such duties electronically in WeBOC through unique User IDs. NTC shall also have monitoring access for the said notifications.

The electronic exchange shall save time and reduce cost of doing business. Moreover, exchange of information on real time basis between the two government agencies is expected to strengthen government controls and reduce chances of fraud or mis-declarations. Data integration will lead to use of shared data for other purposes like risk profiling and audits. Both departments can make use of this data for future policy planning and reconciling their respective records.