ISLAMABAD (July 24 2005): The Central Board of Revenue (CBR) has given 100 percent waiver of fine/additional tax, penal surcharge and penalties on payment of outstanding customs duty and sales tax and clearance of warehoused goods by July 31, 2005.
An announcement made by the CBR on Saturday said that 100 percent waiver has been given under government commitment to facilitate the taxpayers and to relieve their financial burden.
The notifications issued by the CBR under Customs Act 1969 and Sales Tax Act 1990 allow 100 percent waiver of additional taxes, fine and penalties payable on account of any audit observation; audit report; demand notice; adjudication order; failure to pay the customs duty and sales tax and claim of inadmissible refund, duty drawback or input tax adjustment.
Another notification under the Customs Act 1969 also grants 100 percent waiver of penal surcharge on warehoused goods and extension of warehousing period up to July 31, 2005.
These concessions are available to all the taxpayers on payment of the principal amount or repayment of inadmissible refund, duty drawback or input adjustment of the customs duty and sales tax involved, latest by July 31, 2005 or clearance of the warehoused goods by the said date.
Under the aforesaid notifications, no refund can be claimed for any fine, additional tax or penalty already paid or recovered.
The above concessions will enable the importers, exporters and businessmen to discharge the obligations and liabilities without getting involved in protracted litigation. This will also boost the economic activity in the country and reduce the liquidity crunch.