ISLAMABAD: The Federal Board of Revenue (FBR) has directed all persons engaged in cross-border trade transactions to provide evidence of identity by undergoing an electronic verification process through the Pakistan Single Window (PSW) system.
In this connection, the FBR on Friday issued an SRO 2296(i)/022 to notify Pakistan Single Window Evidence of Identity (E0I) Rules, 2022.
The new rules shall supersede all previous instructions and orders pertaining to PSW subscription as notified by the lead Agency (FBR) or any other entity.
All persons wishing to conduct a cross-border trade transaction whether imports, exports, or transit (applicant) must provide evidence of identity by undergoing an electronic verification process by subscription to the PSW system to prove their credentials, rules said.
Entire PSW system trade data is confidential: FBR
The new procedure shall apply to all users whether individuals, sole proprietorships or body corporates registered with the FBR or the Security and Exchange Commission of Pakistan (SECP), government organizations, diplomatic missions, foreign individuals and businesses or any other commercial and non-commercial entity engaged in cross-border trade i.e., import, export and transit as well as the users involved in the provision of trade related services such as Customs clearing agents, shipping agents, bonded carriers, logistic operators, warehouse operators, transporters, or any other such business associated with cross-border trade, included or intended to be included, in the PSW system.
The subscription to PSW system will be done through an online process as defined in the PSW “Evidence of Identity” regulations issued under section 22 of the Act (hereinafter called E01 Regulations) from time to time by the operating entity established under section 6 of the Act.
The applicant shall be responsible for updating and correction of their particulars in FBR, SECP, NADRA, or associated bank databases in case of non-verification of given information.
To verify the identity of an applicant, the PSW system shall develop and implement an electronic “Know Your Customer” (KYC) protocol based on system integrations or electronic data interchange with FBR, SECP, Pakistan Mobile Number Portability Database Company (PMD), National Database & Registration Authority (NADRA), commercial banks and any other database prescribed in the regulations, the FBR added.
Copyright Business Recorder, 2022
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