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coronavirus
Coronavirus
VERY HIGH
Source: covid.gov.pk
Pakistan Deaths
29,065
2324hr
Pakistan Cases
1,353,479
7,67824hr
Sindh
516,874
Punjab
458,879
Balochistan
33,812
Islamabad
115,047
KPK
183,403

ISLAMABAD: The Federal Board of Revenue (FBR) has increased the validity period of the advance ruling, ie, from one year to three years for investors and importers to facilitate international trade and investment in Pakistan. According to the FBR's instructions issued to the Collectors of Customs on advance ruling, the Article 3 of the Trade Facilitation Agreement envisages, "the advance ruling shall be valid for a reasonable period after its issuance unless the law, the facts or circumstances supporting that ruling has been changed. The reasonable period as per international benchmark is three to five years unless the circumstances warrant otherwise. Therefore, the relevant section of the Customs Act 1969 has been amended by increasing the period of validity of advance ruling from one year to three years, the FBR's instructions added.

Under the Advance Ruling procedure, an applicant desirous of Advance Ruling may make an application in such form and in such manner as may be prescribed under the rules, stating any of the questions.

The question on which advance ruling is sought shall be in respect of, - (i) classification of goods under the first schedule to this Act; (ii) determination of origin of the goods under the rules of origin notified for bilateral and multilateral agreements; (iii) applicability of notifications issued in respect of duties under this Act or any tax or duty chargeable under any of the law for the time being in force in the same manner as duty of customs leviable under this Act; or (iv) any other matter as the Board may specify by notification in the official gazette.

The proceedings for issuance of advance ruling shall be completed within 90 days.

The ruling issued shall be binding on the applicant.

The ruling issued under sub-section (1) shall be binding on the Customs for a period of one year unless there is a change in law or facts or circumstances on the basis of which the advance ruling was pronounced.

The appeal against the ruling issued shall lie with the Member Customs (Policy) within 30 days of issuance of ruling, the FBR added.

Copyright Business Recorder, 2021

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