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Valuation system & processes are being improved: Shabbar Zaidi

Valuation system & processes are being improved: Shabbar Zaidi

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi said that the tax collection body is committed to curb under-invoicing of imports to save local industry.
Taking to the social networking website, twitter, Shabbar Zaidi said, “FBR is seriously working to curb under invoicing of imports. Valuation system and processes are being improved.”
He urged the business community and chambers of commerce to help FBR in stopping under-invoicing of imports. The chairman added, “this issue is highly important to save local industry.”
Earlier on November 16, Federal Board of Revenue (FBR) chairman Shabbar Zaidi had said that the financial body had made substantial business-friendly changes in imports’ system to curb under-invoicing.
Shabbar Zaidi had said in his Twitter message that FBR had made substantial changes in ‘unit of measurement’ system and ‘Valuation Rulings’ with respect to the import of goods. He had also suggested importers providing input for making any further improvement or amendment.