Penal surcharge on goods waived

The government has waived off 2 percent penal surcharge on the goods to be removed from the warehouses from September 1 to 30, 2007. According to a notification issued on Saturday, the board has also allowed keeping of overstayed imported goods in the warehouses up to September 30.
Official sources said that the FBR has extended the warehousing period of overstayed goods, lying un-cleared in all the warehouses and also waived off the penal surcharge.
This measure would facilitate the trade and industry, particularly commercial importers who have not been able to clear their consignments in time on payment of duty and taxes. It would also substantially reduce importers'' cost of doing business. Under the law, penal surcharge is applicable to the goods lying in the warehouses not cleared for more than six months.