PM Shehbaz directs independent third-party audit of customs-bonded warehouses

Islamabad (Web Desk): Prime Minister Shehbaz Sharif on Tuesday ordered to conduct an independent third-party audit of customs-bonded warehouses across the country for the previous three years, directing authorities to act swiftly against officials found guilty of negligence, misconduct or violations.

The prime minister issued the directives while presiding over a meeting focused on the Federal Board of Revenue’s (FBR) affairs.

He stressed that any form of malpractice in customs-bonded warehouses would not be tolerated and instructed the relevant departments to initiate strict legal proceedings against officials involved in unlawful practices or other irregularities.

During the meeting, officials briefed the participants on the functioning of customs-bonded warehouses and inland revenue enforcement.

They said shipments containing petroleum products stored at customs facilities were integrated with the Web-Based One Customs (We-BOC) system.

The briefing further revealed that bonded trade makes up 16.5 percent of Pakistan’s total imports.

Following the prime minister’s instructions, authorities will undertake a nationwide physical inspection of stocks held at customs-bonded warehouses to verify inventories and identify any discrepancies.

Officials also informed the meeting that steps were underway to strengthen the licensing process and improve security arrangements at these facilities.

They said valuation testing would be carried out and the relevant information technology infrastructure would be examined to detect weaknesses and close possible loopholes.

The authorities maintained that a range of measures was already being implemented to improve transparency and prevent irregularities within the customs-bonded warehouse system.

The meeting was attended by Federal Ministers Azam Nazeer Tarar, Ahad Khan Cheema, Musadik Malik, Muhammad Aurangzeb, Attaullah Tarar, Ali Pervaiz Malik and Shaza Fatima, along with Prime Minister’s Adviser Haroon Akhtar, MNA Usman Awaisi, State Bank of Pakistan (SBP) Governor Jameel Ahmad and other senior officials.