ISLAMABAD: Chairman Federal Board of Revenue (FBR) Shabbar Zaidi has directed to update the units of measurement in order to facilitate trade.
This exercise is likely to be completed in week's time and new units of measurement shall be notified and difficulties faced by the importers/ exporters regarding unit of measurements will get addressed,said a statement issued by FBR here on Friday.
It will also result in ease of doing business.
In order to bring the national trade data in conformity with international standards, the units of measurement (UoM) are made uniform in accordance with the guidelines of World Customs Organization (WCO).
This uniformity not only helps in collection, comparison and analysis of trade statistics but also simplify the process of assessment resulting in speedy clearance of goods.
The standard units measurements were previously notified by the Federal Board of Revenue in the year 2012.
Despite the fact that these need to be revisited and updated on regular basis, no exercise to this effect was carried out in the last seven years.
After the issuance of new CGO all field formations of Customs will be directed to adopt standard units of quantity/measurement (UoM) expressed therein and accordingly, the importers/clearing agents/shipping agents will be required to fill invoices/documents in line with new UoM.
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