Bonded warehouses charges: FBR accepts FPCCI demand for waiver

The Federal Board of Revenue (FBR) has accepted the demand of Federation of Chambers of Commerce and Industry''s (FPCCI) for waiver of establishment charges and disposal/removal of goods lying in bonded warehouses for years.
FPCCI central leadership Tanvir Shaikh, Tariq Sayeed, Iftikhar Ali Malik, Zuhair Tufail and Shakeel Dingra held a series of meetings with FBR team, headed by Chairman Abdullah Yusuf to apprise him about difficulties being faced in public and private bonds functioning. As a result of the meetings, FBR accepted FPCCI demand and issued instructions to all Customs Houses for waiver of establishment charges and disposal/removal/destruction of goods overstaying in bonds for 5 to 20 years.
It has also agreed to frame a national policy for the operation of private and public bonds to conform to international standards. The question of 1 percent surcharge on the bonds was also discussed but it was decided that the matter would be considered next year.
Presently, Pakistan is not observing international standards for public/private bonds, which are established close to ports and dry ports to facilitate the businessmen.
Licensees of public/private bonded warehouses have been mulling formation of their association on all Pakistan basis. Their representatives have been meeting regularly for last few weeks to give final shape to bylaws for bonds warehouses association. FPCCI intends to invite Shahid Rahim Sheikh, Member, Customs, for interaction to Lahore or Karachi to interact on bonds policy issue.
FPCCI president Tanvir Ahmad Sheikh, Tariq Sayeed and Iftikhar Ali Malik appreciated CBR authorities for responding positively to introduce reforms in public and private customs bonds operations. Iftikhar said the waiver for establishment charges for bonded warehouses was a major step in the right direction and it would facilitate traders'' activities. He said FPCCI would work closely with CBR on all important issues to ensure an environment wherein they could do their business with confidence.