Prime Minister Shehbaz Sharif has ordered a three-year independent third-party audit of Customs Bonded Warehouses across the country and directed strict action against officials involved in irregularities or illegal activities.
He issued the directives while chairing a review meeting on the affairs of the Federal Board of Revenue (FBR). The prime minister said there was no room for any irregularity in customs bonded warehouses and directed that strict action be taken against officials found involved in irregularities or illegal activities.
The meeting was briefed on customs bonded warehouses and Inland Revenue Enforcement. It was told that monitoring of cargo related to petroleum products at the warehouses is linked to the V-BAC system.
Bonded trade accounts for 16.5 per cent of the country's total imports. Physical stock verification of Customs Bonded Warehouses across the country will also be carried out.
The meeting was told that steps are under way to ensure the licensing and security of customs bonded warehouses. A review of the AI system will also be carried out along with valuation testing of the warehouses.
The authorities are taking necessary steps to eliminate irregularities at the warehouses.
