ISLAMABAD: The Federal Board of Revenue (FBR) has allowed business transactions of goods trading between Gwadar Free Zone and tariff area in Pak rupees.

The FBR has issued SRO.805 (I)/ 2024 to amend the Customs Rules 2001 here on Tuesday.

Under the revised rules, the transaction between Gwadar free zone and tariff area shall be allowed in Pak rupees.

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Export (entry of goods into the zone from tariff area): 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 revised 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 thereunder, provided that the transaction between Gwadar free zone and tariff area shall be allowed in Pak rupees, it added.

Copyright Business Recorder, 2024