KARACHI: The Chairman Federal Board of Revenue (FBR) Shabbar Zaidi has directed to identify the extent of mis-declarations in export declarations in order to ascertain the suspected items or sectors and destinations for such mis-declaration, and to categorize exporters on the basis of risk profiling by segregating compliant exporters from those engaged in mis-declaration.
According to the details, on the directives of Chairman Federal Board of Revenue (FBR) Shabbar Zaidi, the Customs Operations wing has tasked the Director General Customs Valuation Mukarram Jah Ansari to submit a report of mis-declarations in export in order to ascertain the suspected items or sectors and destinations for such mis-declarations as well as to categorize exporters on the basis of risk profiling.
Customs Operations wing has further directed to develop a risk based system to intercept this trend without compromising export facilitation. Punitive action shall be taken against unscrupulous exporters under the proposed Section 32C of the Customs Act 1969 and the allied laws.
This initiative has arisen in the backdrop of reports indicating mis-declarations in exports, resulting in loss of remittance of forex and transfer of excessive funds abroad.
As a consequence, lesser amount of foreign exchange is remitted to Pakistan and a major portion of export proceeds is retained in the other country.