ISLAMABAD (April 22 2004): Giving a major relief to the importers, the Central Board of Revenue (CBR) has waived the penal surcharge on goods removed from public bonded warehouses, private bonds and manufacturing bonds warehouses.
The CBR has used powers under Section 98 of the Customs Act to notify the decision through SRO (I)/2004 issued here on Wednesday.
According to the notification, the importers can avail 100 percent remission in case goods are removed up to May 15, 2004; 75 percent remission on goods removed up to May 31 and 50 percent remission on goods removed from these warehouses up to June 30, 2004.
At present, goods worth Rs 3 billion are lying un-cleared in the warehouses involving duties and taxes of Rs 850 million.
The waiver of penal surcharge would give benefit of Rs 500 million to the industry.
Meanwhile, the CBR has extended the period during which goods can remain in the warehouse up to June 30, 2004.
Official sources told Business Recorder that Central Board of Revenue (CBR) has the authority to give permission for operating three types of warehouses.
These encompass public bonds, private bonds and manufacturing bonds where importers store their goods.
The CBR used to slap penal surcharge in case of overstayed goods in these warehouses. Now, the CBR has announced remission of 2 per cent surcharge under the time frame given in the notification.