The Federal Board of Revenue (FBR) is set to enter into Electronic Data Interchange agreements with the United Arab Emirates, Singapore, Hong Kong, and Afghanistan to tackle under-invoicing and over-invoicing, sources reported.
The initiative involves establishing electronic data interchange systems with major import partners, forming part of a broader strategy to enhance transparency and accountability in international trade. New targets have been assigned to the FBR to effectively address under-invoicing and over-invoicing, prompting the decision to engage in electronic data interchange agreements with key trading partners.
The FBR has drafted a Memorandum of Understanding for Electronic Data Interchange, with plans to send the drafts to the four countries through the Ministry of Foreign Affairs. The government is eager to expedite the process, anticipating that these agreements will play a crucial role in curbing both under and over-invoicing of imports.
Reforms within the FBR are underway, emphasizing the significance of timely action to combat fraudulent invoicing practices in international trade. The government is actively pursuing the signing of the MoU to strengthen controls and promote fair trade practices in collaboration with key trading partners.
