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.

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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