ISLAMABAD: The Federal Board of Revenue (FBR) has launched the Automated Currency Declaration System (ACDS), which will be installed at all domestic airports to prevent currency smuggling.
Speaking at the launching ceremony in Islamabad, Minister for Finance and Revenue Shaukat Tarin said this goal can only be reached by combining technology and automation with a review of existing procedures and processes.
He stated that the incumbent government is focusing on economic documentation in order to broaden the tax base.
According to the Minister, this computerised system was designed with the help of NADRA and FIA and would now be implemented at all international airports, beginning with Islamabad International Airport.
Earlier, the Minister for Finance and Revenue said that the reforms measures being taken by the incumbent government would help bring the whole retail sector worth Rs20 trillion into the tax net.
“The total sale of the retail sector in the country is Rs20 trillion, and Rs16 trillion of it is not in the tax net,” he said while briefing the Senate’s Standing Committee (SSC) on Finance and Revenue.
The committee continued its deliberations under the chairmanship of Talha Mehmood on the fourth consecutive day to finalise its recommendations on the Finance Supplementary Bill 2021. The minister said that the Federal Board of Revenue (FBR) had refunded some Rs50 billion in six months, which had never happened in any government’s tenure.
