ISLAMABAD: The Federal Board of Revenue (FBR) introduced the ‘Automated Currency Declaration System’ (ACDS) on Tuesday to make things easier for taxpayers and travellers travelling in and out of Pakistan.
According to a press release, the new digital system was designed with the help of the National Database and Registration Authority (Nadra) and the Federal Investigation Agency (FIA), and it will be used at all international airports.
At a ceremony held at the FBR offices, Finance Minister Shaukat Tarin officially launched the ACDS. The event was also attended by FBR Chairman Dr Ashfaq Ahmed, NADRA Chairman Tariq Malik, and FIA Director General Sanaullah Abbasi.
Tarin, speaking at the inauguration, stated that the administration was concentrating on the documentation of the economy in order to broaden the tax base. “This goal can only be reached by combining technology and automation with a review of current procedures and processes,” he continued.
“Documenting the flow of foreign cash in and out of the country is crucial to achieving the goal of economy documentation and bringing more transparency to economic transactions,” the minister added.
For the success of all efforts in business process re-engineering and adoption of a new framework for implementing rules and regulations, the minister underlined the importance of inter-agency collaboration and cooperation.
At the moment, currency declarations are gathered at random from people arriving or departing the country via airports. The currency declarations are physically safeguarded in the form of hard copies and then manually entered in batches into the system.
FBR imagined a new system because the current currency declaration system was unable to accomplish the goal of thorough documentation of foreign money movement. The new method, according to Tarin, will be hassle-free, time-saving, and a one-stop shop for all passengers.
The scope and significance of the ACDS were previously stated by the FBR chairman. He emphasised that FBR has been rapidly automating and digitising its operations in order to increase transparency and reliability. According to the press release, he noted that the new approach would save time and ensure credibility.
