PM Shehbaz orders bonded warehouse audit
Prime Minister Shehbaz Sharif on Tuesday directed authorities to conduct a three-year independent audit of customs-bonded warehouses nationwide. PM gave the directives while chairing a meeting on matters related to the Federal Board of Revenue (FBR), read an official statement. During the meeting, PM directed that an independent third-party audit of customs bonded warehouses across the country be…
On Tuesday, Prime Minister Shehbaz Sharif ordered a comprehensive three-year independent audit of customs-bonded warehouses across Pakistan, according to an official statement. The prime minister emphasized during the meeting on Federal Board of Revenue (FBR) matters that there should be no room for any irregularities in these warehouses. He directed strict action against officials involved in any illegal activities, in accordance with the law.
The meeting, attended by various senior government officials, discussed customs bonded warehouses and inland revenue enforcement. It was highlighted that monitoring of cargo, particularly petroleum products, in customs warehouses is linked to the We-BOC system. Bonded trade constitutes 16.5% of the country's total imports.
As a result of the prime minister's directive, physical stock verification of customs bonded warehouses nationwide will be conducted. Efforts are being made to ensure the licensing and security of these warehouses. Valuation testing and information technology system reviews will also be carried out. The administration is working towards eliminating any irregularities in customs bonded warehouses.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
