KARACHI: The importers are in state of confusion over the launching of Form-I in all import transactions from all field formations of Collectorates.
The importers have expressed deep concerns over the implementation of Form-I in import transactions, adding that the Form-I would put devastating impact on trade and other activities related to import.
The importers were of the view that massive loss of remittance and revenue shortfall on national exchequer would also be noticed after the implementations of the Form-I , adding that the importers are not comfortable with the implementation of the Form-I.
One of the importers, Yahya Muhammad, while elaborating the issues, raised concern over the implementation of the Form-I. He questioned how it would be possible to evaluate the real value of import transaction from foreign countries.
Citing the example, he said that if the importer asked his party in Dubai or any other foreign country to pay the amount of import merchandise, then how it would be possible that the foreign currency would be evaluated by the Pakistani banks.
“All commercial banks can hold the record of the local import value, but how it would be possible that the banks existed in the country can hold record of the foreign currency in importation,” he questioned.
It is pertinent to mention here that the FBR has decided to implement Form-I for importation and also completed 80 percent working in this regard. However, the importers community was of the view that the FBR has not yet taken them into confidence.
