Karachi: Federation of Pakistan Chambers of Commerce and Industries (FPCCI) Chairman (Standing Committee) Shabbir Mansha has said that Federal Board of Revenue (BFR) Member Customs (Operation) Syed Tariq Huda has accepted the federation’s proposal on waiving surcharges on bonded warehouses, a news source reported.
He further stated that the taxation agency has allowed shipping companies to carry out their business operations on Saturdays as well.
As per details, Pakistan Customs gives warehouse services to the importers who can stock their goods for a period of six months without paying advance tax or any other charges. In case businessmen do not move their goods within six months, they are imposed with a fine, which could sometimes cost higher than the actual duty. This is why many businessmen had to abandon their stock, which the government later auctions off.
With the FBR now willing to waive off surcharges on goods kept in warehouses for more than six month, the government can increase its revenue. The concession is expected to be implemented from July 1 onwards.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
