ISLAMABD: For the first time in Pakistan’s history, the Federal Board of Revenue (FBR) has unveiled an Artificial Intelligence (AI)- based Customs Clearance and Risk Management System (RMS) aimed at promoting transparency, eliminating human interference, and improving tax collection efficiency.
During a meeting on the FBR’s ongoing reform initiatives, Prime Minister Shehbaz Sharif commended the FBR and the Intelligence Bureau for their efforts to increase tax collection. He emphasized that in order to boost the country’s economy, all pertinent departments must cooperate.
The prime minister was told by officials that the new RMS estimates the cost and nature of products during import and export using AI and bots.
The system’s initial testing showed a performance gain of more than 92 percent. It resulted in a 2.5 fold increase in green channel clearances and an 83 percent rise in goods declarations designated for taxation, demonstrating improved speed and accuracy in customs processing.
The PM commends the collection of Rs178 billion in the fight against tax evasion.
By facilitating quicker and more accurate evaluations of items and their value, the RMS is anticipated to increase transparency, ease the burden on customs officers, and benefit businesses. Officials said the change would make doing business easier and save time.
Prime Minister Shehbaz commended the advancement of the technology-based system and referred to FBR reforms as a top government goal. “We are making the tax system more transparent and effective by automating it”, he stated, adding that fewer human intervention would improve system efficiency and save time and money.
He gave officials instructions to maintain the system’s sustainability and integration.
A briefing on the application of video analytics in the manufacturing industry to improve transparency and automate tax collection was also part of the conference.
The technology is anticipated to greatly increase revenue while reducing human involvement. Early experiments have shown it to be cost-effective and 98 percent efficient.
The FBR chairman, Information Minister Attaullah Tarar, Finance Minister Muhammad Aurangzeb, and other high-ranking officials attended the meeting.
A report from the FBR and Intelligence Bureau on coordinated efforts to stop tax evasion and hoarding was given to the prime minister in a separate meeting. According to the report, Rs178 billion was recovered as a result of the two committees’ operations.
Dues owed to the telecom industry and corporate mergers collected Rs69 billion of this total. The IB collected Rs10.5 billion in additional taxes through 515 searches in a variety of industries sugar, animal feed, drinks, edible oil, tobacco, and cement.
SOURCE: DAWN NEWS
