NBR targets trade facilitation, simpler rules thru reform: Chairman

Business Desk:

National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan on Sunday said the authority is prioritising trade facilitation, quicker cargo clearance and greater transparency through a broad set of customs reforms. The ultimate objective is to simplify procedures for compliant taxpayers while taking strict action against misdeclaration, under-invoicing and other forms of revenue leakage, he said at a meet-the-press programme ahead of International Customs Day.

A major reform initiative is underway to bring discipline to customs valuation with assessments to be conducted mainly on the basis of invoice value. As part of this effort, a risk-based physical examination system is nearing completion.”If we can operationalise the software, the Risk Management Commission will identify high-risk consignments for verification, while low-risk goods will not require physical inspection,” the NBR chairman said.