ISLAMABAD, Jul 7 : The Federal Board of Revenue (FBR), under the direction of Prime Minister Muhammad Shehbaz Sharif, has for the first time in Pakistan\u2019s history introduced the Artificial Intelligence based Custom Clearance and Risk Management System (RMS).<\/p>\n
During a meeting chaired by the prime minister held here to review the ongoing reforms measures by the FBR, it was informed that under this new system, estimation of cost and nature of goods during import and export will be conducted by Artificial Intelligence and BOTs.<\/p>\n
The new risk management system, based on modern technology, will continuously improve through automation using machine learning, along with the movement of goods, the meeting was told.<\/p>\n
\u201cDuring the initial testing of the new system, over 92% improved performance was observed.\u201d<\/p>\n
The briefing showed that in initial testing, not only was 83% more Goods Declarations (GD) determined for tax collection, but goods clearance through the green channel also increased two and a half times.<\/p>\n
It was informed in the meeting that the new risk management system will bring transparency to the system, minimize human intervention, and provide ease to businessmen.<\/p>\n
With the launch of the new system, immediate and effective estimation of goods and their cost will be possible, resulting in time savings.<\/p>\n
The meeting was further informed that the implementation of the new system will reduce pressure on customs officials, enhance transparency and efficiency, and facilitate businessmen.<\/p>\n
PM Shehbaz Sharif pointed out that reforms in the FBR were among the government\u2019s top priorities.<\/p>\n
\u201cBy automating the tax system, we are making it more transparent and effective,\u201d the prime minister said adding that the technology-based modern system will bring ease in doing business and provide convenience to taxpayers.<\/p>\n
Due to reduced human intervention, he said the system will be more efficient, saving both time and money.<\/p>\n
The prime minister directed to make the new system integrated and sustainable.<\/p>\n
He appreciated the officers and staff who worked on the development of the new risk management system.<\/p>\n
The meeting was briefed on video analytics-based measures to increase tax collection in the manufacturing sector.<\/p>\n
With this system, tax collection in these sectors will be automated and conducted transparently, which will increase government revenue and allow taxpayers to pay taxes without human interference.<\/p>\n
The meeting was also informed that this system is cost-effective and showed 98% efficiency during initial testing. The meeting also reviewed the potential for increased tax revenue following its implementation in manufacturing sectors.<\/p>\n
Minister for Finance Muhammad Aurangzeb, Minister for Information Attaullah Tarar, Chairman FBR and other senior government officials attended the meeting.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD, Jul 7 : The Federal Board of Revenue (FBR), under the direction of Prime Minister Muhammad Shehbaz Sharif, has for the first time in Pakistan\u2019s history introduced the Artificial Intelligence based Custom Clearance and Risk Management System (RMS). During a meeting chaired by the […]<\/p>\n
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