Pakistan and China have decided to enter into an agreement to control misdeclaration at the country’s ports, as the menace has been causing massive revenue and foreign investment loss. In order to control corruption within the customs department and reduce misdeclaration, the two countries will automate the port data and declaration system. Currently, 62% of declared goods at port showed discrepancies.
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The draft for the MoU was prepared by China’s State Administration of Taxes to enable tax authorities from both Islamabad and Beijing to share data and learn from each other’s best practices. FBR has authorised Pakistan’s ambassador to China Naghmana Hashmi to sign the draft Memorandum of Understanding.