FBR Notifies Organization of Customs Risk Management Directorate

FBR Notifies Organization of Customs Risk Management Directorate

Karachi, August 29, 2023 – The Federal Board of Revenue (FBR) has taken a significant step towards enhancing customs risk management by notifying the organization of the Directorate General of Customs Risk Management (DGCRM).

This development aims to streamline and strengthen the risk assessment processes related to customs clearance for imports, exports, and allied functions across Pakistan.

READ MORE: FBR Identifies Eligible Taxpayers for Initial Allowance

The FBR issued SRO 1118(I)/2023 on August 25, 2023, which outlines the specifics of the Directorate General of Customs Risk Management in Islamabad. This Directorate will have jurisdiction over various areas related to risk management in the customs clearance process, including:

Planning and Strategy: The DGCRM will be responsible for planning, designing, and implementing an overall risk management strategy and system for the clearance of import and export consignments.

Continuous Evaluation: It will continually monitor, evaluate, and upgrade the risk management strategy and system, taking into account changing national and international trends.

READ MORE: FBR Issues Mandatory Rules for Declaration of Beneficial Owners by Corporate Entities

Sector and Commodity Analysis: The Directorate will analyze clearance data across various sectors and commodities, as well as patterns of adjudication proceedings and other legal matters, to make informed updates to the risk management strategy and system.

Data Security: Ensuring the protection, security, and confidentiality of the Risk Management System (RMS) data and records will be a key responsibility.

Capacity Building: The DGCRM will play a role in human resource development by providing education and training to officers and staff in the area of risk management.

READ MORE: Citizens Rush to Attain Active Taxpayer Status to Avoid Soaring Electricity Bills

Collaboration: It will liaise with other regulatory, enforcement, and intelligence agencies to improve risk management methodologies, policies, and procedures for more effective monitoring and checks.

This move by the FBR is expected to enhance the efficiency and accuracy of customs clearance processes and reduce the potential for customs-related risks. By adopting a comprehensive risk management approach, Pakistan aims to facilitate trade while maintaining strict compliance with customs regulations and international trade standards.

READ MORE: Pakistan Unveils New Withholding Tax Rates on Electricity Bills

The DGCRM’s responsibilities cover a broad spectrum of activities, and its establishment underscores the FBR’s commitment to modernize and improve customs operations, which is crucial for promoting economic growth and trade facilitation in Pakistan.

Leave a Reply

Your email address will not be published. Required fields are marked *

nine − eight =