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Monday June 24, 2024

FBR official hints at changes to barter trade mechanism

By Bureau report
June 10, 2023

PESHAWAR: An official of the Federal Board of Revenue (FBR) on Friday said that the newly introduced business-to-business (B2B) barter trade mechanism would be monitored for a couple of months and changes could be made for improvement in the system in accordance with needs of the business community.FBR’s Member Customs Operation Mukarram Jah Ansari said this while exchanging his views with Ziaul Haq Sarhadi, Director Pak-Afghan Joint Chamber of Commerce and Industry, on the newly introduced commercial mechanism.

The FBR authorities have directed officials concerned to remain in touch with the trader community for a couple of months and record their feedback on this new system. Ansari said the FBR would review the situation after monitoring the B2B barter trade mechanism for two months and changes could be brought in the new system if traders made some suggestions for improvement.The FBR official said the recently introduced barter trade mechanism for doing trade with Afghanistan, Iran and Russia through exchange of goods had been introduced for facilitation and provision of ease to traders doing business in bordering areas of the country.Ansari explained that B2B trade deal would serve as a formal mechanism and cover transactions being made in bordering areas where traders face problems despite having lack of EIF (Enhanced Integrated Framework) and there is also fear among them that they may also be asked for a transaction trail.

Facilitation of the business community would be the top priority in the barter trade system and if the need was felt for bringing changes in any sections of the mechanism that will be made, he added. He expressed the hope that the new system would benefit the business community and help boost trade activities. Appreciating the decision taken by the Commerce Ministry, Ziaul Haq Sarhadi expressed the hope that the new system would yield better results. He hoped the problems being faced by the business community due to shortage of foreign currency would also be resolved.