ISLAMABAD – Federal Board of Revenue launches new customs system based oninternational standards.
FBR has completely changed the customs valuation system by issuing theCustoms General Order 19 (CGO 19 of 2019) to ensure proper valuation ofgoods for tax collection.
Chairman FBR Shabbar Zaidi on Tuesday tweeted:
The Customs Wing has updated and issued the units of measurements used inimport and export documents, in order to ensure proper valuation of goods.This will further improve consistency, transparency, and uniformity in datarecording as per international standards. All field operation collectorshave been asked to ensure proper implementation.
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In order to comply with the World Customs Organization (WCO), the FederalBoard of Revenue (FBR) has notified standard units of quantity/measurement(UoM) of 7,354 items/goods
World Customs Organization recommends the use of standard units of quantityto facilitate the collection, comparison, and analysis of internationalstatistics, based on the harmonized system of commodity description.
