The federal government on Monday allowed the import of petroleum products, sale in the local market and their re-export to other countries through the foreign suppliers account, according to the newly-notified Customs Bonded Facilitation Rules (CBFR), 2024.
According to the documents available to The Express Tribune, the Federal Board of Revenue (FBR) has amended the Customs Rules, 2001 to include the CBFR. The new rules stated that foreign suppliers can either set up their own business in Pakistan or operate through a subsidiary of a registered company.
The rules further stated that international oil suppliers can store crude oil or other petroleum products in customs bonded warehouses in Pakistan, adding that there would also be permission to keep inventory of crude oil and other petroleum products for local buyer or re-export without farm exchange.
The rules further stated that international oil suppliers could operate through a subsidiary of a company registered in Pakistan, provided that this subsidiary was registered with FBR and had a bank account in Pakistan.
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