ISLAMABAD: Chairman Federal Board of Revenue (FBR) Shabbar Zaidi hasdirected to update the units of measurement in order to facilitate trade.
This exercise is likely to be completed in week’s time and new units ofmeasurement shall be notified and difficulties faced by the importers/exporters regarding unit of measurements will get addressed,said astatement issued by FBR here on Friday.
It will also result in ease of doing business.
In order to bring the national trade data in conformity with internationalstandards, the units of measurement (UoM) are made uniform in accordancewith the guidelines of World Customs Organization (WCO).
This uniformity not only helps in collection, comparison and analysis oftrade statistics but also simplify the process of assessment resulting inspeedy clearance of goods.
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The standard units measurements were previously notified by the FederalBoard of Revenue in the year 2012.
Despite the fact that these need to be revisited and updated on regularbasis, no exercise to this effect was carried out in the last seven years.
After the issuance of new CGO all field formations of Customs will bedirected to adopt standard units of quantity/measurement (UoM) expressedtherein and accordingly, the importers/clearing agents/shipping agents willbe required to fill invoices/documents in line with new UoM.
