Customs data exchange agreement has been signed between Pakistan and China to curb under invoicing, said Federal Board of Revenue (FBR) Chairman Abdullah Yousuf here on Wednesday night.
Replying to a number of questions during a meeting of Karachi Chamber of Commerce and Industry (KCCI), he said that Pakistan was ready to implement the agreement, but the Chines side delayed it. He said that there was a difference of around one billion dollars in Chin's customs valuation of goods and Pakistan customs valuations.
Regarding 2008-09 federal budget, the FBR Chairman said that the government had already started preparing 2008-09 federal budget. Abdullah Yousuf assured the business community that all their budget proposals would be examined thoroughly and their proposals would be included in the coming budget. However, the National Assembly would grant final approval of the budget.
He advised the business community to send their budget proposals as soon as possible so that they could be examined thoroughly, and added practicable suggestions would be included in the budget.
The FBR Chairman said that it was the government policy to provide conducive environment to investors. "Investors invest only in those countries where they feel that their investment is secure, get good return and feel that they are safe," he said, adding: "We want to ensure that kind of environment.
"The world is becoming more and more competitive and investors are moving where they finally find better environment and law and order conditions," he said. Referring to textile sector, he said that this sector was facing tough competition, called for creating competitive environment to face these challenges.