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Steps being taken to avoid wrong use of Afgan Transit Trade: FBR chairman

Steps being taken to avoid wrong use of Afgan Transit Trade: FBR chairman

KARACHI: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi has said that steps are being taken to improve economy in this regards measures have also been decided for the finance act. According to the details, addressing to the participants of the event held at the Institute of Chartered Accountant of Pakistan, the Chairman o said that zero rated facility has been exempted over the five sector use to export their goods. Chairman FBR Shabbar Zaidi said that Afghan Transit Trade has wrongly being used and has caused billions of rupees loss to the revenue. He said to avoid wrong use of Afghan Transit Trade steps are being taken by the authorities. Shabbar Zaidi further stated that the people are not taking customs seriously as in the past lipstick and auto parts were imported on the same weight and till 2024 ninety to ninety five percent goods will imported and cleared through green channel. Now only a trader who is included in the tax net will be able to take advantages and facilities and process is under way to document the economy. It is very necessary to impose regulatory duty to lower imports, Chairman Federal Board of Revenue Shabbar Zaidi added.