Mohsin Siddiqui (Chief Reporter)

Addressing Pakistan’s International Customs Day event, caretaker Finance Minister Dr. Shamshad Akhtar emphasized the indispensable nature of continuous reforms and efforts to bolster revenue by the Federal Board of Revenue (FBR).

Dr. Akhtar disclosed that the FBR was actively considering recommendations and initiatives, with the FBR chairman deeply engaged in the reform process.

Expressing optimism, she anticipated surpassing the revenue target of Rs 9.4 trillion this year, stressing the significance of revenue mobilization. The minister outlined ambitious objectives to elevate Pakistan’s tax-to-GDP ratio from 8-9% to 16-18% over 3-5 years to foster sustainable growth. Simplifying Customs procedures to combat smuggling and enhance revenue collection was urged.

Dr. Akhtar underscored the reduction of new Statutory Regulatory Orders (SROs) and duties under the reform agenda, highlighting Customs’ pivotal role in cross-border trade development. She emphasized Pakistan Customs’ pivotal role as an economic regulator.

Leveraging technology alliances and platforms like the Pakistan Single Window Facility was encouraged for a contemporary, competitive Customs landscape. The minister envisioned Customs as a catalyst for commercial growth at Torkham and Chaman borders.

Integration of the transit trade system, developed with support from the Asian Development Bank (ADB), with Customs stations at Torkham and Chaman borders was projected to significantly boost trade volume and foster income opportunities.

Dr. Akhtar stressed the importance of integrity, transparency, and adherence to governance standards, urging pride in upholding these values to assist Pakistanis grappling with food insecurity and economic hurdles.

Echoing sentiments, FBR Customs Operations Member Dr. Fareed Iqbal Qureshi advocated for Customs to embrace partnerships and technology to tackle contemporary trade threats such as money laundering and fiscal fraud.