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Budget

10pc Regulatory Duty imposed on MS import

  • The Finance Bill proposes to add various penalties for unauthorized access to information
Published June 11, 2022
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ISLAMABAD: The Federal Board of Revenue (FBR) has imposed a 10 percent regulatory duty on the import of motor spirit from any country having a revenue impact of Rs30 billion.

Under the Finance Bill 2022 issued on Friday, the FBR has proposed to add various penalties for unauthorized access to information/ data, interference or attempt to interfere, use of any information system device or data, tamper or attempt to tamper, write or transmit a malicious code or abet in the same with intent to harm to Pakistan Single Window.

The various penalties are introduced for harm or destruction of Pakistan Single Window system or data in serial number 105 in shape of fine and imprisonment in section 156 of the Customs Act, 1969.

The period of provisional determination to reduce to 90 days from 180 days, where any goods are allowed to be cleared or delivered on the basis of such provisional determination, the amount of duty, taxes and charges correctly payable on those goods shall be determined within three months of the date of provisional determination: The bill proposed to give power to Additional Collector for which goods may remain in warehouse for a period not exceeding one month in section 98 of the Customs Act 1969, previously there is no power to additional collector.

The Finance Bill proposed to add new section 170A the procedure of seizure of essential commodities, that such seized goods shall be deposited in the nearest custom-house or the nearest place appointed by the Collector of Customs, as the case may be, for deposit of goods so seized.

ECC imposes 10pc RD on MS import

The Finance Bill proposed to enhance the power of additional collector from Rs3 million to Rs5 million and Deputy Collector from one million to two million for adjudication of involving confiscation of goods or recovery of duty and other taxes not levied, short levied or erroneously refunded, imposition of penalty or any other contravention under this Act or the rules made thereunder, the jurisdiction and powers of the officers of Customs in terms of number of duties and other taxes involved, excluding the conveyance.

The bill proposed to change the fees and port charges for wharfage and storage by substituted the section 203 that (1) The Collector of Customs may from time to time fix the period after the expiration of which goods left in any custom-house, customs area, wharf or other authorized landing place or part of the custom-house premises, shall be subject to payment of fees, and the amount of such fees, as provided under the rules prescribed by the Board. (2) The Collector of Customs may from time to time fix the port charges on import and export of goods for services rendered by terminal operators, as provided under the rules prescribed by the Board. (3) The Collector of Customs having jurisdiction may from time to time fix charges, fees for storing of seized and confiscated goods, vehicles etc. in declared State warehouse.”

The Finance Bill 2022-2023 proposed to rationalize and reduction in custom tariffs, to exempt the customs duty for pharmaceutical ingredients, basic raw material used in the manufacturing of various kinds of medicines and for agriculture machinery, all types of agriculture implements and input machinery, greenhouse farming, processing and production of plant, equipment, drip irrigation, water supply.

The government under the Finance Bill 2022-23, proposed to add various penalties for unauthorized access to information/ data, interference or attempt to interfere, use of any information system device or data, tamper or attempt to tamper, write or transmit a malicious code or abet in the same with intent to harm to Pakistan Single Window.

Copyright Business Recorder, 2022

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