Mohsin Siddiqui (Chief Reporter)
Federal Board of Revenue (FBR) is set to establish Electronic Data Interchange (EDI) agreements with key trading partners, including the United Arab Emirates, Singapore, Hong Kong, and Afghanistan. This strategic move aims to enhance transparency and accountability in international trade.
As part of this comprehensive strategy, the FBR has outlined a Memorandum of Understanding (MoU) for Electronic Data Interchange. Sources suggest that the drafted MoU will soon be forwarded to the United Arab Emirates, Singapore, Hong Kong, and Afghanistan through the Ministry of Foreign Affairs.
The government is determined to expedite the signing of the MoU, recognizing its potential to significantly impact the reduction of both under and over-invoicing in imports. This initiative reflects the commitment to reform within the FBR and marks a crucial step towards fostering fair trade practices.
