ISLAMABAD: The Federal Board of Revenue (FBR) has notified that Pakistan Single Window (PSW) international system shall apply to the FBR, the Securities and Exchange Commission of Pakistan (SECP) as well as the State Bank of Pakistan (SBP) from July 1, 2021.

According to a notification issued by the FBR, here on Wednesday, the Governing Council of the PSW has directed that the PSW system shall apply to the following other government agencies with effect from July 1, 2021: Animal Quarantine Department; Department of Plant Protection; Federal Seed Certification and Registration Department; FBR; the SECP, and the SBP.

The facility to be known as the PSW be established to facilitate efficient imports, exports, international transit and matters ancillary thereto, across Pakistan’s territory and notified international borders and the said PSW shall use any technological means available or made available in future, for such purposes from the date of coming into force of the Customs Act.

The federal government has allocated work of the PSW to the Revenue Division.

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Under SRO 791(1)/2021, the federal government has designated Pakistan Customs as the lead agency.

Member (Customs Operations) of the FBR shall act as the ex-officio secretary to the Governing Council of PSW.

The lead agency (customs) has designated PSW, incorporated under the Companies Act, 2017 as the operating entity.

The operating entity shall perform such functions and be entrusted with such responsibilities as are assigned to it under the Act, rules and regulations issued thereunder and/or contained in the memoranda of understanding signed by the operating entity with the Governing Council and with the lead agency or as specified in its own memorandum of association under the Companies Act, 2017.

Copyright Business Recorder, 2021