FBR’s new targets to check under-invoicing, over-invoicing

Islamabad: The caretaker government has given new targets to the Federal Board of Revenue (FBR) to check under-invoicing and over-invoicing, reportedly.

According to media reports, FBR has decided to establish electronic data interchanges with Pakistan's major import partners.

It has also been reported that it has been decided to enter into electronic data interchange agreements with United Arab Emirates (UAE), Singapore, Hong Kong and Afghanistan.

FBR has prepared draft Memorandum of Understanding (MoU) for electronic data interchange. These drafts will be sent to all four countries for mutual understanding with the help of Ministry of External Affairs.

The caretaker government is trying to get the MoUs signed soon with the four countries that will help stop under-invoicing in imports.

FBR reported that Pakistan has already entered into an Electronic Data Interchange Agreement with China.