Utilisation period of input goods: Chief Collectors of Customs empowered to grant extension

ISLAMABAD: The Federal Board of Revenue (FBR) has empowered the Chief Collectors of Customs to grant extension in utilisation period of input goods imported for manufacturing and subsequent export of finished products by export-oriented units, and small and medium enterprises. The FBR has amended Export-Oriented Units and Small and Medium Enterprises Rules, 2008, through a notification issued here on Wednesday.

According to the rule 12 of the Export-Oriented Units and Small and Medium Enterprises Rules, 2008, the input goods acquired under these rules shall be utilised in the manufacture and export of output goods within two years from the date of their import or as the case may be. Provided that the said period may be extended by the board in cases of exceptional circumstances. Now through a new amendment, the FBR has allowed the Chief Collectors of Customs to consider extension in exceptional circumstances on such terms and conditions as he may deem appropriate.

Copyright Business Recorder, 2020