FBR, SBP join hands to regulate trade

Import form module will enable officials to keep track of value repatriated

ISLAMABAD: Commemorating the first-of-its-kind event, Finance Minister Ishaq Dar said the agreement between Federal Board of Revenue (FBR) and the State Bank of Pakistan (SBP) on the import form module would greatly benefit the country and expedite the import-export process.

He stated this while witnessing the signing of the agreement on I-Form Module in the Customs Computerised System here at FBR House.

Advisor to the Prime Minister on Revenues Haroon Akhtar Khan, FBR Chairman Nisar Muhammad Khan, and SBP Governor Ashraf Mehmood Wathra were also present on the occasion.

The FBR and the SBP have jointly developed the I-Form Module in order to keep track of the value of imported goods and ensure that foreign exchange equaling to their exact value is repatriated abroad.

The soft launching of the system will be held on August 15 while it will be implemented from September 1.

The launch of the electronic I-Form will also enable the SBP to plug any loopholes in the accounting system of the repatriated foreign exchange against imports.

The minister lauded the FBR and SBP for developing the I-Form Module, which, he said, would go a long way in enabling Pakistan’s customs to expedite import and exports clearance thus reducing the cost of doing business.

SBP Governor Ashraf Wathra said the SBP and FBR have already launched the electronic e-form module to ensure that the foreign exchange was duly remitted and that the country was not deprived of its shares in foreign exchange.

The FBR chairman said the SBP and FBR were working in close collaboration under the guidance of the Finance Minister to improve the fiscal and monitory systems of the country.

Published in The Express Tribune, August 10^th, 2016.

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