ISLAMABAD: Member Customs Zahid Khokhar has told the Senate Standing Committee on Finance that the FBR has proposed amendments to the Customs Act through Finance Bill 2018 for getting details about passengers and crew prior to flying from Pakistan.
He said that the proposal is aimed at complying with the Financial Action Task Force (FATF) requirements. He said that this proposed amendment aimed at getting details about those who are frequent travellers.
The FBR also proposed reduction in sales tax rate from 17 to 12 per cent on import of LNG and RLNG if imported by the Pakistan State Oil (PSO) and newly established Pakistan LNG Limited. The tax rate on all fertilizer was proposed to reduce to two per cent. The FBR had proposed tax on fertilizer bringing down from five to three per cent, but the federal cabinet had slashed it down to two per cent.
In order to comply with the conditions of World Trade Organisation (WTO), the FBR proposed Authorised Economic Operator Programme to provide facilitation related to secure supply chains of imported and exported goods through simplified procedures with regard to regulatory controls. Pakistan had ratified WTO this facilitation agreement in 2014 under which it was bonding for providing facilitation to such multinational companies which were not found in any tax evasion case in last couple of years.
Zahid Khokhar said that they were studying different models implemented in all other parts of the world before finalising its rules to implement this scheme in Pakistan. The committee recommended its smooth approval with the condition that the rules would be cleared from the senate panel before placing to operatialise this scheme.
The FBR also proposed power to use data exchange information for determination of customs value in the Finance Bill 2018.
