Shehbaz Sharif directs three-year review and nationwide physical stock verification amid concerns over irregularities.
ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday directed the relevant authorities to conduct a comprehensive third-party audit of customs-bonded warehouses covering the last three years, warning that officials found negligent or involved in irregularities would face swift legal action.
Chairing a review meeting on matters related to the Federal Board of Revenue (FBR), the prime minister said there was no room for irregularities in customs-bonded warehouses and ordered strict action against officials involved in illegal activities.
During the meeting, authorities briefed the prime minister on the functioning of customs-bonded warehouses and inland revenue enforcement. It was informed that bonded trade accounts for 16.5% of Pakistan’s total imports, highlighting the importance of effective monitoring and oversight of the sector.
The authorities further informed the meeting that, on the prime minister’s instructions, a countrywide physical stock verification of customs-bonded warehouses would be carried out to ensure that recorded inventories correspond with actual stocks held at the facilities.
The meeting was also informed that cargo related to petroleum products stored in customs warehouses is linked with the Web-Based One Customs (WeBOC) system, allowing authorities to monitor relevant cargo through the digital customs platform.
Officials said comprehensive measures were being taken to ensure proper licensing and security arrangements at customs-bonded warehouses. The authorities also outlined plans for valuation testing and a review of information technology systems associated with the warehouses.
The prime minister directed the authorities to ensure transparency and strengthen oversight mechanisms to eliminate irregularities from the customs warehouse system.
He emphasized that any negligence or misconduct would not be tolerated and instructed the concerned departments to take legal action against those found responsible.
The government has been focusing on improving customs administration, strengthening digital monitoring and enhancing enforcement mechanisms to reduce revenue leakages and improve compliance.
The meeting was attended by Federal Ministers Azam Nazeer Tarar, Ahad Khan Cheema, Musadik Malik, Muhammad Aurangzeb, Attaullah Tarar, Ali Pervaiz Malik and Shaza Fatima, Advisor to the Prime Minister Haroon Akhtar, Member of the National Assembly Usman Awaisi, State Bank of Pakistan Governor Jameel Ahmad and senior government officials.