ISLAMABAD (June 21 2006): The government would empower the Central Board of Revenue (CBR) to slap Rs 2 million fine and up to 3-year imprisonment in case a person's security, including post-dated cheque and bank guarantee is dishonoured by the bank.
Through proposed amendment in the Finance Bill 2006, if any person would furnish a security or guarantee in the shape of a cheque or a post-dated cheque, or any other banking instrument, to customs, which would be dishonoured on presentation, such person would be liable to a penalty not exceeding Rs 2 million. Upon conviction before a Special Judge, he shall further be liable to imprisonment for a term not exceeding three years, or both.
The CBR has also demanded more powers to levy additional 35 percent customs duty on import of cars and parts for a period of three years.
According to the proposed amendment in the Finance Bill 2006, “the federal government may, by notification in the official Gazette, levy an additional customs-duty on automotive vehicles and parts as are specified in the First Schedule, for a period up to three years at a rate not exceeding thirty-five per cent of value of such goods as determined under section 25.”
The CBR has also proposed that if the goods declaration (GD) is not filed within the prescribed period of 15 days, the owner of such goods shall be liable to a penalty, which may extend to Rs 15,000.
Through another amendment, if any person contravenes the provisions of section 26A and does not furnish any information as required by the rules, such person shall be liable to a penalty not exceeding one million rupees and on conviction by a Special Judge shall be liable to imprisonment for a term not exceeding one year, or with both.
If any person contravenes the provisions of section 26B and does not furnish any record, documents or information as required by the rules, such person shall be liable to a penalty not exceeding one million rupees and on conviction by a Special Judge shall be liable to imprisonment for a term not exceeding one year or with both.
If any person does not maintain and keep record under the provisions of section 211, such person shall maintain and be liable to a penalty which may extend to one million rupees.
The CBR has also proposed to the National Assembly to charge 15 percent customs duty on the import of cefixime in bulk; salts of stearic acid other 5″; than alkali salts eg, zinc stearate; calcium stearate, 5 percent duty and 35 percent customs duty on the import of plain shaft bearings (bushings) for vehicles covered under chapter 87.