ISLAMABAD: The Federal Board of Revenue (FBR) has permitted business transactions of goods trading between Gwadar Free Zone and tariff area in Pak rupees. The FBR has issued SRO 1006(I)/ 2024 to amend the Customs Rules 2001 here on Monday.
Previously, the draft of the amendments was issued under the SRO 805(I)/ 2024 dated June 3, 2024. Under the revised rules, the transaction between Gwadar free zone and tariff area shall be allowed in Pak rupees. The existing rules talked about the export (entry of goods into the zone from tariff area).
Transactions in PKR between Gwadar free zone, tariff area allowed
Goods, excluding petty items, from the tariff area shall be admitted into the zone upon completion of export formalities which are observed for export to foreign countries provided that the transaction between Gwadar free zone and tariff area shall be allowed in Pak rupees, the rules stated.
Any goods removed from a zone for importation to tariff area shall be imported under the import procedure as laid down in the Act and the rules made there-under, provided that the transaction between Gwadar free zone and tariff area shall be allowed in Pak rupees, the rules added.
Copyright Business Recorder, 2024
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