ISLAMABAD: The regulatory duty and additional customs duty shall not be applicable on the clearance of stuck-up consignments of previously banned items including luxury goods under Ministry of Commerce’s SRO 598 (1)/ 2022.

This is subject to the conditions laid down by the Federal Board of Revenue (FBR). In this regard, the FBR has issued two notifications on Tuesday.

According to the S.R.O. 1954 (I)/ 2022 issued on Tuesday, the FBR has amended S.R.O. 967 (1)/ 2022 relating to the imposition of the additional customs duty on imports.

Under the new notification, additional customs duty shall not be applicable on the stuck-up consignments of previously banned items notified vide Notification No. S.R.O. 598(1)/2022 of Ministry of Commerce where goods declarations have been filed on or after the August 22, 2022 and where the surcharge calculated as per Office Memoranda issued by Ministry of Commerce is higher than the cumulative revenue impact of regulatory duty and additional customs duty as levied vide Notifications No. SRO 1571 (1)/ 2022 and SRO 1572(1) /2022, respectively.

Through another SRO 1953(I)/2022, the FBR has amended SRO 966(I) /2022 which is related to the imposition of the regulatory duty on the import of goods.

As per SRO 1953(I)/ 2022, the regulatory duty shall not be charged on stuck-up consignments of previously banned items notified vide Notification No. S.R.O. 598(1) /2022, of Ministry of Commerce where goods declarations have been filed on or after August 22, 2022 and where the surcharge calculated as per Office Memoranda, dated the July 22, 2022, August 19, 2022 and August 23, 2022 issued by Ministry of Commerce is higher than the cumulative revenue impact of regulatory duty and additional customs duty as levied vide Notifications No. SRO 1571(1) /2022 and SRO 15720)/ 2022, both dated the 22nd day of August, 2022, respectively.

Copyright Business Recorder, 2022