KARACHI: Pakistan Customs is preparing a module in the WeBOC system to enable mandatory uploading of import-form i.e. I-Form for recording of the transaction between the importer and exporter.
A module is being developed for web based customs clearing system (WeBOC), which would be implemented into the system within one and a half month.
Official said flow of outward remittances was a major issue and the authorities were unable to track most of the outward remittances made by importers.
So far the central bank and Customs can only record the transactions made through letter of credit (LC) but imports on advance payments as well as deferred payments are not tracked.
Under-invoicing is another serious issue and government is deprived of significant revenue every year. The official said a lot of imports were cleared on under-declared values, but with the I-Form module, Customs would have the actual transaction value on the screen and importers would not be able to under-declare the values of their consignments.
Official said the project would also help central bank in its forex management exercise as the regulator would know authentic demand of dollars by importers in a given period of time, which would help central bank in policy making for next such period.
The official said this would also facilitate importers as the entire system is web-based and the importers would be able to apply for I-Form with their respective bank online and upload the same in WebOC online.
The official informed that no amendment or addition would be required to be incorporated in rules and laws etc.; however, State Bank of Pakistan (SBP) would need to issue a circular advising all the banks make arrangements to facilitate the implementation of I-Form module.
In October 2015, SBP and Federal Board of Revenue (FBR) signed MoU to digitalize imports and exports. In the first phase, issuance and real time verification of Form-E (export form) was implemented to track export transactions and in the second phase import transactions are being documented.