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FBR directs to enhance vigilance at Export Processing Zone

FBR directs to enhance vigilance at Export Processing Zone

ISLAMABAD: Federal Board of Revenue (FBR) directed the officers and officials dealing with the Export Processing Zones (EPZs) to keep monitoring and take timely action where they find irregularities which may cause a huge loss to government.

According to the sources, Federal Board of Revenue has issued instructions that customs authorities should strengthen internal controls from import of input goods till export of finished goods by Export Processing Zones.

FBR requested to export processing zones authorities to cooperate in providing information about establishing new units in EPZ and closing of units in EPZ so that customs authorities can monitor them timely.

FBR also directed to the customs officers to ensure recovery of government dues in specific cases as well as outstanding amount in decided cases of Export Processing Zones.

It is important to mention here, that concept of EPZ was introduced in Pakistan way back in 1980. The EPZ A established through an Ordinance no IV of 1980 EPZA is an autonomous body working under the administrative control of ministry of Industries and Production. EPZ was created to generate exports resulting into increase in foreign exchange earnings, labor absorption and competitive development in the export market.