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ISLAMABAD: The Federal Board of Revenue (FBR) has decided to ink agreements on Electronic Data Interchange with the United Arab Emirates, Singapore, Hong Kong and Afghanistan to control the menace of under-invoicing and over-invoicing.

Sources told Business Recorder that the electronic data interchange systems will be established with major import partners. The move is part of a broader strategy aimed at fostering transparency and accountability in international trade. In this regard, the FBR has been assigned new targets to effectively curb under-invoicing and over-invoicing. As part of this initiative, the government has decided to enter into electronic data interchange agreements with key trading partners including the United Arab Emirates, Singapore, Hong Kong, and Afghanistan.

In line with these developments, the FBR has drafted a Memorandum of Understanding for Electronic Data Interchange. Sources indicated that the drafts will be sent to the four aforementioned countries through the Ministry of Foreign Affairs.

FBR reforms: it’s never too late to do something

The government is keen on expediting the process and signing the MoU at the earliest, as it is anticipated that such agreements will play a pivotal role in curbing both under and over-invoicing of imports.

In line with these developments, the FBR has drafted a Memorandum of Understanding (MoU) for Electronic Data Interchange.

The government is keen on expediting the process and signing the MoU at the earliest, as it is anticipated that such agreements will play a pivotal role in curbing both under and over-invoicing of imports, they added.

Copyright Business Recorder, 2023

Comments

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Asif Dec 05, 2023 08:12am
What about China ? . The actual elephant in the room .
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Imtiaz Ahmed Dec 05, 2023 11:57am
@Asif , China will not cooperate it is not in his interest.
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JavedBhai Dec 05, 2023 06:35pm
A good step forward, a lot of goods and services are routed through Dubai. China should be the ultimate target of course
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Munir Dec 06, 2023 12:17am
@Asif , how right u r All the wrong declaration in qty and value and description is in China origin goods
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ABRAR MUHAMMAD Dec 06, 2023 07:55am
How much latest technology buy for remove corruption and make new Tex collection from Pakistan people with NADRA.
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ABRAR MUHAMMAD Dec 06, 2023 07:56am
Use Chinese technology for removing and collecting Tex
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Muhammad Khurram Shabbir Dec 08, 2023 11:08am
I think these would be based upon double taxation agreements.
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