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You are here: Home»Week at a Glance»<Font color=maroon><b>THURSDAY AUGUST 04: </b></font>FBR to involve World Bank to ascertain market price of PaCCS

THURSDAY AUGUST 04: FBR to involve World Bank to ascertain market price of PaCCS

The Federal Board of Revenue (FBR) is going to take the World Bank (WB) on board to decide the prospects of automated customs clearance system (PaCCS), Business Recorder learnt on Wednesday. According to sources, the board, after a long stand-off with 'Agility Logistics' over the purchase agreement of PaCCS, has decided to induct the WB in the process of evaluating the market value of the software.

They said that the Kuwait-based logistics provider has agreed to transfer all legal rights of PaCCS operating system at $ 42 million. However, the board has not accepted this and directed its concerned staff to assess the exact market value of the software.

When contacted, FBR chairman Salman Siddique said that the board is keen to purchase the PaCCS software but only at market price. Therefore, it had offered to the company to induct international experts to determine the market value of the system. For the purpose, the revenue body is also going to invite WB to examine PaCCS operations for recommending its purchase price. He said the WB experts would also be requested to scrutinise the performance of WeBOC, a brainchild of PRAL. He further said the company has agreed to sell its software at $42 million, except its six-year service charges amounted to $ 62 million.

However, sources were of the view that although the board had started deliberations with Agility Logistics and agreed to send its officials to Kuwait for negotiations, the same are aimed at keeping the company busy to avoid further shutdowns of PaCCS operations until the WB report in this connection would be finalised.

Sources opined that the prospects of automated solution of PaCCS is now relying on the WB recommendations as if the WB experts passed satisfactory remarks over WeBOC functioning, the PaCCS operations would be rolled back and the WeBOC may be considered as the ultimate solution for automated customs clearance. Needless to say, the negotiations between the board and Agility over PaCCS issue have been stretching for quite long, but no fruit was yielded so far, dragging stakeholders in hysteria.

Copyright Business Recorder, 2011



 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln