PM Shehbaz orders audit of customs-bonded warehouses

Prime Minister Shehbaz Sharif has ordered an independent, three-year audit by a third party of all customs-bonded warehouses throughout the country. This decision follows allegations that a private company had manipulated bonds for personal gain in the past. The audit will assess the rules and procedures for these warehouses, which store goods after customs clearance.

The Prime Minister reviewed the current system but insisted that there should be no room for irregularities in customs-bonded warehouses. He emphasized that strict action would be taken against any officials involved in wrongdoing, in line with the law. The audit will include physical stock verification across the nation, and steps are being taken to improve licensing, security, valuation testing, and IT systems.

On October 1, the first phase of a new 'faceless' Inland Revenue system will be implemented, which will be fully operational by 2027. This AI-driven and technology-based system will randomize tax cases for assessment, regardless of geographical jurisdiction. The meeting also discussed the enforcement of customs regulations, including the link between petroleum cargo monitoring and the WeBOC system.