The Federal Board of Revenue (FBR) has provided relief to the business community by extending the warehousing period and waiving off the penal surcharge on overstayed goods, lying un-cleared in the customs bonded warehouses. In this connection, the FBR has issued SRO 522(l)/2012 here on Tuesday.
According to the FBR, this measure has been taken to facilitate the trade and industry and commercial importers who have not been able to clear their goods in time on payment of duty and taxes. A notification ie SRO 522(l)/2012 has been issued whereby penal surcharge on goods not cleared within the prescribed period has been fully waived off.
This facility is for ex-bond clearances made during the period from May 21, 2012 to June 15, 2012. However, this concession would not be applicable to the goods which have since been abandoned or auctioned under the relevant customs rules. Following is the text of the notification issued here on Tuesday:
In exercise of the powers conferred by sub-sections (2) and (3) of section 98 of the Customs Act, 1969 (IV of 1969), the Federal Government is pleased to:-extend up to the 15th June, 2012 the period for which warehoused goods may remain in the warehouses; and remit penal surcharge in the case of goods which are cleared from the warehouse within the period starting on the 21st May 2012 and ending on the 15th June, 2012. Provided that this notification shall not apply to the goods which have since been abandoned or auctioned under the rules.
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