October 29, 2021: Building further on its policy of ensuring ease of doing business, Federal Government has provided relief to the business community by extending the warehousing period and waiving off the penal surcharge on overstayed goods, lying un-cleared in the Customs Bonded warehouses.

Federal Board of Revenue in its Notification No. SRO 1399(I)/2021 issued on 27th October, 2021 has stated that penal surcharge on goods not cleared within the prescribed period has been fully waived off.

This measure has been taken to facilitate the trade and industry and commercial importers who have not been able to clear their goods on time by payment of duty and taxes.

FBR has further clarified that the facility is for ex-bond clearances made within thirty days from the date of commencement of this notification up to 25th November, 2021.

Press Release

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