ISLAMABAD: The Federal Board of Revenue (FBR) has decided to implement an Integrated Risk Management System (IRMS) through the Pakistan Single Window (PSW) to ensure trade compliance as well as trade facilitation to reduce the time and cost of doing business.

The FBR on Monday issued Pakistan Single Window Integrated Risk Management System Rules, 2023. The new rules shall apply to all government agencies that apply trade controls on import, export and transit goods cleared through the PSW system whether through scanning or other forms of non-intrusive inspection technology, physical inspections, withdrawing of samples, detailed examinations or documentary controls in the form of licences, permits, certificates and other documents in accordance with the regulatory requirements of the government agencies.

The “Integrated Risk Management System” or “IRMS” means the electronic risk management platform provided by PSW for systematic application of trade controls, management procedures and actions to mitigate cross border trade related risks on import, export and transit goods cleared through the PSW system in a coordinated manner.

The Governing Council (GC) shall constitute an inter-agency Risk Management Committee for providing strategic direction, principles, policies, guidance and oversight for the IRMS, ensure collaboration amongst government agencies for the implementation of the IRMS and review outcomes and effectiveness of risk activities and impact on compliance levels in addition to other tasks assigned by the GC.

The GC Risk Management Committee shall assist the GC in addressing issues, problems and constraints that require policy interventions by the GC, FBR stated.

The risk rules defined by the GA Risk Management Committee shall be in consonance with the policy guidelines issued by the GC Risk Management Committee from time to time, it said.

The operating entity shall establish a Centre of Excellence (COE) to operate and maintain the IRMS, receive and process change requests, monitor performance of the system and support IRMS related training and capacity building initiatives.

The COE shall also be responsible for extracting, analysing and sharing IRMS related data and feedback with the risk management committees and other relevant stakeholders, FBR added.

Copyright Business Recorder, 2023