Pakistan’s government has decided to establish a specialist unit to prevent under-invoicing of imports and improve revenue capture.
The Directorate General Risk Management (DGRM) will operate alongside the Federal Board of Revenue (FBR).
The DGRM will focus on monitoring and reducing risks associated with import-related activities, including container clearance and both bulk and transit cargo handling.
It will also set up systems and procedures for identifying participants in under-invoicing operations, including not only importers but also clearing agents and international passengers.
The unit will plan and implement strategies to reduce tax evasion and introduce innovative techniques and tools for monitoring imports and exports.
The DRGM will also work to reduce risks associated with clearance of foreign passengers.
The unit will cooperate with international partners and benchmark its own performance against global best practices.
It will also develop systems and procedures for identifying under-invoiced or misdeclared imports.
Categories: Trade Based Financial crimes News