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FBR recommends setting up anti-smuggling & import substitution policies

FBR recommends setting up anti-smuggling & import substitution policies

ISLAMABAD: The Federal Bureau of Revenue (FBR) has recommended the concerned authorities in the government to formulate anti-smuggling and import substitution policies on the priority basis.

Meanwhile, the government has directed the commerce ministry to prepare a long-term policy. The authorities have observed that the industrial policy should be prepared for the period of ten years to mitigate revenue losses resulting from import compression.

Moreover, it has been considered that the import substitution and anti-smuggling policies would help raise revenue.

Importantly, they have mentioned that goods, which are being smuggled back through Afghan transit trade, have severely affected domestic production of the state, and consequently comprehensive proposals for reviewing the Afghan transit trade are essentially required.