PM Stresses Digital Overhaul, Revenue Reforms vital for Economic Survival
Islamabad: Prime Minister Muhammad Shahbaz Sharif has underscored the urgency of modernizing the Federal Board of Revenue (FBR) and implementing comprehensive digitization strategies as pivotal to Pakistan's economic resilience.
Chairing a crucial meeting in Islamabad focused on Pakistan Customs and FBR affairs, PM Shahbaz Sharif emphasized the critical role of customs in Pakistan's economic framework. He highlighted the imperative of enhancing the FBR enforcement system to boost revenue generation.
PM Shahbaz Sharif issued directives for third-party audits of ongoing FBR reforms across all levels, stressing transparency and efficiency in customs operations nationwide. He advocated for the removal of unnecessary obstacles, leveraging modern technology and artificial intelligence to streamline customs operations.
Furthermore, PM Shahbaz Sharif instructed the immediate establishment of a project management unit to oversee ongoing customs reforms, resolving issues related to mis-invoicing, and eliminating under-invoicing to safeguard Pakistan's industries and products.
Addressing officials, PM Shahbaz Sharif demanded detailed reports on revenue collections through enforcement actions and called for a robust regulatory framework for the shipping sector. He emphasized the necessity of auditing the Web-Based One Customs (WeBOC) system by independent third parties.
During the briefing on Pakistan Customs operations and reforms, officials highlighted the successful transition to a fully automated system and proposed engaging international experts to uphold global standards. These initiatives aim to introduce a cutting-edge system driven by artificial intelligence.
Officials also reported significant achievements, with 72.4% of imports and exports cleared through the green channel in 2023-2024. Additionally, Pakistan Customs has achieved an exceptional revenue increase of Rs. 240 billion through valuation controls from July 2023 to June 2024, marking an 80% surge compared to the previous year.
PM Shahbaz Sharif concluded the meeting with a commitment to advancing reforms that fortify Pakistan's economic foundation and ensure efficient revenue management.
