KARACHI: The Federal Board of Revenue (FBR) has directed the Directorate of Reforms and Automation to complete the procedure in connection with the implementation of Form-I in import process by April 30, 2016.
Earlier, the board had asked the Reforms and Automation to complete the work by April 16, but it could not be done so far due to some issues in the procedure.
On the other hand, the implementation of Form-I, which has been declared as mandatory in all import consignments from any part of the world into the country, has also become a matter of concern for the importers. The importers have already expressed their deep concerns over the introduction of Form-I and were of the view that the customs authorities did not take the importers on board before the introduction of Form-I.
It may mention here that the FBR several months ago decided to introduce Form-I in all import consignments in order to keep vigilant eye on money laundering and under-invoicing cases.
The FBR and State Bank of Pakistan (SBP) mutually agreed upon to introduce Form-I for import consignments through which the importer or clearing agent will be made liable to give each and every detail of commercial banks used to transfer the cost of imported consignments.
