ISLAMABAD: The Fedreral Board of Revenue (FBR) on Tuesday has launched an automated currency declaration system to facilitate the tax payers.
In order to facilitate the taxpayers (FBR) Federal Minister for Finance & Revenue, Shaukat Fayaz Ahmed Tarin, ,Chairman FBR/Secretary Revenue Division Dr. Muhammad Ashfaq Ahmed, Chairman NADRA Mr. Tariq Malik and DG FIA Mr. Sanaullah Abbasi were present on the occasion.stated that the government was focusing on the documentation of economy to broaden the tax base.“This aim can only be achieved through the use of technology and automation.
“To achieve the goal of documentation of economy and to bring more transparency in the economic transactions, documentation of flow of foreign currency in and out of the country is pivotal,” he continued.Presently, Currency Declarations (CDs) are obtained randomly from the passengers coming to or going out the country through Airports. Currency Declarations are manually secured in shape of hard copies and are then entered into the System manually in batches.
For millions of passengers coming in and going out from the country, it is an uphill task, especially, with very little resources in comparison with the challenges faced by Pakistan Customs and other Law Enforcement Agencies (LEAs). Since the current Currency Declaration System (CDS) was not working to achieve the goal of complete documentation of foreign currency movement, a new system was envisaged by FBR.
This digital system was developed with the assistance of NADRA and FIA and will now be deployed at all International Airports, starting from Islamabad International Airport. “This new system will be a hassle free and time saving, one stop solution for all incoming and outgoing passengers,”
More over the data captured through POS and CDS will then be shared with all relevant agencies including SBP, FIA, Customs, IRS etc. for further necessary action as per law.This end-to-end visibility of foreign currency market will bring a semblance of stability in the market and will also be instrumental in countering money laundering and currency smuggling. Federal Minister for Finance and Revenue, later, formally launched the ‘Automated Currency Declaration System’ by pressing the button.