Islamabad: The Federal Board of Revenue (FBR) Chairman Shabbar Zaidi directed the taxation agency to update the Units of Measurement (UoM) for facilitating ease of doing business and trade, a news source reported.
The FBR issued a statement last week that they would complete the task within a week’s time. The board would notify the new UoM and address the difficulties faced by the importers and exporters in this matter.
The taxation body aims to make the UoM uniform with the guidelines of the World Customs Organisation (WCO). This move would ensure that the national trade data conforms with the international standards.
The uniformity of the UoM will help with:
Collection of trade data
Comparison and analysis of trade statistics
Simplifying the process of assessment to ensure speedy clearance of goods
FBR had last notified the standard UoM in 2012. Once the board issues the new Custom General Orders (CGO), all field formations of the Customs would be obligated to adopt the new UoM as notified. Similarly, importers, shipping agents, and clearing agents would fill the invoices and other documents accordingly.
