ISLAMABAD, Mar 17 (APP): The National Assembly’s Standing Committee on Finance and Revenue here on Thursday passed the Pakistan Single Window Program (PSWP) aimed at enhanced trade system in the country.
The committee, which met here under the chairmanship of Member National Assembly (MNA) Amjad Ali Khan, discussed various points of the program and unanimously approved it.
Briefing the committee about the PSWP, a PSW representative said that in the first phase of the project, uniform registration of the traders was done while now there was no need to come physically as the whole system has been switched to online.
He said that now we have brought National Database and Registration Authority, (NADRA), Securities and Exchange Commission of Pakistan (SECP), and FBR at one platform for benefit of the traders to get registered in 30 minutes.
Secondly, under State Bank of Pakistan (SBP), total 27 banks are working and around 20 banks have been integrated with PSW system, adding that the traders would not need to go to different places to address their issues.
Chairman, FBR, Dr. Muhammad Ashfaq Ahmed said that PSWP is very important project adding that the project would complete by year 2023 with an amount of Rs11 billion.
He said that the first phase of the program would indigenously be completed in April 2022 and under this program, trade information portal have been developed and would be launched in April 2022.
He further said that the benefits of this program include digital transformation of entire cross border trade eco-system, reduction in cost, time and complication in import process, and exports transit trade.
He said that the program provides benefit of integration into global, regional and other national single window systems and through this program, exports would be increased up to 37 percent.
The project would also bring major improvement in Ease of Doing Business indicator, he added.
Meanwhile, the committee deferred the Integrated Transit Trade Management System (ITTMS) Program and Pakistan Raise Revenue Program 2019-2024.
Briefing the committee on the ITTMS program, the representative informed that the project was initiated on the vision of government to develop Pakistan as a regional transit trade hub on the Economic Corridor by developing trade and transit network that traverses South Asia to connect Central Asian Republics to South East Asia for doing business.
He said that the sectoral objective of the project is to enhance Ease of Doing Business that records the time and cost associated with the logistical process of exporting and importing goods.
The body unanimously deferred the Integrated Transit Trade Management System (ITTMS) Program and recommended that in next meeting member from Law Division and National Logistic Cell (NLC).
The representative of Pakistan Raise Revenue Program informed that under this PSDP program, FBR has received US $ 80million.
He informed that the duration of the program is from June 2019 to June 2024 and the objective of the program is to contribute to a sustainable increase in domestic revenue by broadening the tax base and facilitating compliance.
The committee deferred the PRR until next meeting.
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