ISLAMABAD: The Federal Board of Revenue (FBR) will allow maximum 50 percent depreciation for release of confiscated smuggled packages and containers on payment of redemption fine.

The FBR has issued SRO 1280(I)/2024 to amend SRO 487(I)/2007 here on Tuesday.

According to SRO 487(I)/2007, the FBR has given an option in respect of the specified goods to pay fine in lieu of confiscation. The quantum of fine in lieu of confiscation in respect of offences shall be at a rate specified and shall be over and above the Customs-duties and other taxes and penalties imposed under the relevant law.

FTO directs FBR to ensure disposal of confiscated goods

The lawfully registered conveyance including packages and containers, found carrying offending goods under section 2(s) of the Customs Act, 1969 would be released on payment of 20 percent redemption fine.

In this case, the value of the seized vehicle for payment of fine in lieu of confiscation shall be determined by allowing a maximum of 50% of depreciation @ of 2% per month up to 24 months. Any further depreciation in value for the purposes of this sub-clause shall be in accordance with the provision of sub-rule (2A) of rule 58 of Customs Rules, 2001, after written approval of the relevant Collector of Customs, the FBR added.

Copyright Business Recorder, 2024