Blocked Goods: FBR waives penal surcharge

ISLAMABAD: 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 blocked in the Customs Bonded warehouse, said a statement issued here on Saturday.  The FBR issued a notification SRO 595(1)/201 on June 10 whereby penal surcharge on goods not cleared within the prescribed period has been fully waived off. “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”, the statement added. This facility is for ex-bond clearances to be made for the period from June 10 to 30.

Published in The Express Tribune, June 12th, 2011.