FBR digitises currency declaration

New digital system has been developed with the assistance of the Nadra and FIA

ISLAMABAD:

The Federal Board of Revenue (FBR) on Tuesday launched the ‘Automated Currency Declaration System’ (ACDS) to facilitate taxpayers and passengers flying in and out of the country.

The new digital system has been developed with the assistance of the National Database and Registration Authority (Nadra) and the Federal Investigation Agency (FIA), said a press release, adding that it would be deployed at all international airports.

Finance Minister Shaukat Tarin inaugurated the ACDS at a ceremony at the FBR headquarters. FBR Chairman Dr Ashfaq Ahmed, NADRA Chairman Tariq Malik and FIA Director General Sanaullah Abbasi were also present on the occasion.

Addressing the inauguration ceremony, Tarin said that the government was focusing on the documentation of the economy to broaden the tax base. “This aim can only be achieved through the use of technology and automation with review of existing procedures and processes,” he added.

“To achieve the goal of documentation of economy and to bring more transparency in the economic transactions, documentation of flow of foreign currency in and out of the country is pivotal,” the minister further said.

The minister stressed the need for inter-agency coordination and cooperation for the success of all efforts of business process, re-engineering and adoption of new framework for implementation of rules and regulations.

At present, the currency declarations are obtained randomly from the passengers, coming to or going out the country through airports. The currency declarations are manually secured in the shape of hard copies and then entered into the system manually in batches.

Since the current currency declaration system was not working to achieve the goal of complete documentation of foreign currency movement, a new system was envisaged by FBR. Tarin said that the new system would be hassle free, time-saving and a one-stop solution for all the passengers.

Earlier, the FBR chairman explained the scope and significance of the ACDS. He reiterated that FBR had been swiftly moving towards automation and digitisation to promote transparency and reliability. He added that the new system would save time and ensure credibility, the press release said.