The Federal Board of Revenue has announced a major relief to the business community by waiving 2 percent penal surcharge on clearance of goods from warehouses during June period from 10 to June 30, 2011. In this connection, the FBR issued SRO 595(I)/2011 here on Saturday.
The Board has issued a notification whereby penal surcharge on goods not cleared within the prescribed period has been fully waived off. The FBR has provided relief to the business community by extending the warehousing period and waiving the penal surcharge on overstayed goods, lying uncleared in the customs bonded warehouses.
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 on the goods lying in the warehouses not cleared for more than six months. This facility is for ex-bond clearances to be made for the period from June 10, 2011 to June 30, 2011.