SEARCH

HomeTaxationPakistan

SBP,CustomsinkMoU:Electronicformstobenefiteconomy:Dar
August10,2016

0Comments

ZAHEERABBASI

FinanceMinisterIshaqDarTuesdaysaidthegovernmenthastakendifficult
decisions during the last three years to achieve economic stability and
hoped that introduction of electronic forms for import would give far
reaching benefit to the economy. He stated this while speaking at the
signing ceremony of Memorandum of Understanding (MoU) between the
StateBankofPakistan(SBP)andCustomDepartmentregardingissuance
of Electronic Import Form (EIF). The MoU was signed by Governor SBP and Federal Board of Revenue
(FBR)ChairmanNisarMuhammadKhan.
Theuseofelectronicformisbelievedtocurbthemenaceofunderinvoicingandtransferpricinginaddition
to integrating the foreign exchange accounting system of the SBP with Customs clearances. The
Authorised Dealers (ADs) will start approving Electronic Import Form (EIF) requests in webbased one
customs(WeBOC)fromAugust15,2016.
However, attachment of EIFs with good declaration will start from September 1, 2016. Consequently,
manualformwillnolongerbeissued/usedbytheADsfromSeptember1,2016.TheSBPandPakistan
CustomshavestartedajointprojectforissuanceofEIFtofacilitateimportersandstrengthenmonitoringof
importpaymentsfromPakistan.
FinanceMinisterstatedthattheissuanceofelectronicformforimporterswouldfacilitatetheimportersand
yieldlongtermbenefittotheeconomy."Traderwillbeabletofileapplicationthroughonlineformforimport"
hesaidaddingthatPakistanhasachievedstabilisationduringthelastthreeyears.Hesaidforthefirsttime
Pakistanhasintroducedreformsinthefinancialsector.
TheMinistersaidthatthegovernmenthastakenverydifficultdecisionsaftercomingtopowerthreeyears
ago. Pakistan has successfully completed International Monetary Fund (IMF) programme, added the
minister.TheFinanceMinistersaidgovernmenthadsuccessfullyimplementedanumberofreformsandthe

processwillcontinueinthefutureaswell.
According to a statement of Finance Ministry, the Finance Minister stated that Pakistan's economy has
taken off and the merger of Stock Exchange, Pakistan's return to the international bond market and
successfulcompletionofaverytoughtheIMFprogrammeareproofsofthesame.Hestatedthatforthe
firsttimeinhistory,PakistanhassuccessfullycompletedtheIMF'sExtendedFundFacilityprogramme.
AshrafWathra,Governor,StateBankofPakistanrecalledthatsuchautomationandcoordinationbetween
thetwodepartmentsofgovernmentcouldonlybeseenintheadvancedcountriesbutPakistanissetting
new parameters under the leadership of Prime Minister and Finance Minister in working towards greater
national goals. Haroon Akhtar, Special Assistant to the Prime Minister on Revenue informed the meeting
thattheeconomyisrevivedandismovingintherightdirection.Heassuredthat
FBR will work even harder in the future to meet the expectations of the government of Prime Minister
Muhammad Nawaz Sharif. FBR Chairman Nisar Muhammad Khan welcomed the Finance Minister and
stated that there has been excellent coordination between Customs Department and State Bank of
Pakistanwhichhasresultedintheautomationoftheissuanceofelectronicform.HethankedtheMinister
forthesupportandencouragementtoboththeDepartmentswhichmadeautomationofCustomsbusiness
processpossible.
CopyrightBusinessRecorder,2016

Share

Like

Tweet

BUSINESS RECORDER
Home Disclaimer PrivacyPolicy TermsofUse ContactUs SiteMap
Top
Copyright2016BusinessRecorder.AllRightsReserved.PoweredbyeDynamicsSoftwareDepartment.
Joomla!isFreeSoftwarereleasedundertheGNUGeneralPublicLicense.