PM Shehbaz orders bonded warehouse audit
- Bonded trade accounts for 16.5% of the country’s total imports
Prime Minister Shehbaz Sharif on Tuesday directed authorities to conduct a three-year independent audit of customs-bonded warehouses nationwide.
PM gave the directives while chairing a meeting on matters related to the Federal Board of Revenue (FBR), read an official statement.
During the meeting, PM directed that an independent third-party audit of customs bonded warehouses across the country be conducted over three years.
Addressing the meeting, the prime minister said that there is no room for any irregularities in customs bonded warehouses. He also directed that strict action be taken in accordance with the law against officials involved in any irregularities and illegal activities.
The meeting was briefed on customs bonded warehouses and inland revenue enforcement.
It was informed that the monitoring of cargo related to petroleum products in customs warehouses is linked to the We-BOC system. Bonded trade accounts for 16.5% of the country’s total imports.
On the prime minister’s directive, physical stock verification of customs bonded warehouses across the country will be carried out. Measures are being taken to ensure the licensing and security of customs bonded warehouses.
Valuation testing of customs bonded warehouses will be conducted, and information technology systems will be reviewed. Necessary measures are being taken to eliminate irregularities in customs bonded warehouses.
The meeting was attended by Federal Minister for Law and Justice Azam Nazeer Tarar, Federal Minister for Economic Affairs Ahad Khan Cheema, Federal Minister for Climate Change Musaddik Malik, Federal Minister for Finance and Revenue Muhammad Aurangzeb, Federal Minister for Information and Broadcasting Attaullah Tarar, Minister for Petroleum Division Ali Pervaiz Malik, Federal Minister for Information Technology and Telecom Shaza Fatima, Advisor to the Prime Minister Haroon Akhtar, Member of the National Assembly Usman Awaisi, Governor State Bank of Pakistan Jameel Ahmad, and relevant senior government officials.
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