ISLAMABAD: Negotiations between the Federal Board of Revenue (FBR) and the technical team of the International Monetary Fund entered their third round on Wednesday, with discussions centering around proposals for an autonomous customs board. The IMF team also visited the ministries of finance and commerce on the same day, sources reported.
It is important to note that the ongoing talks are unrelated to the first review of the stand-by agreement, which has already been finalized.
A significant aspect under consideration in the discussions with the FBR is the potential establishment of an autonomous customs board, aiming to separate the policy and operations domains of the revenue collection body. Additionally, there is a proposal on the table for the creation of a distinct Federal Board of Customs under the Ministry of Finance, as per reports from Business Recorder.
The IMF team was briefed on the necessity of an ‘apex body’ to oversee all anti-smuggling operations in the country.
While any policy agreements reached during these discussions could impact the upcoming budget, it is crucial to distinguish these ongoing talks from the formal review of the stand-by agreement.