Extension in warehousing period and waiver of penal surcharge on overstayed warehoused goods
The Federal Board of Revenue 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.
This measure has been taken to facilitate the trade and industry and commercial importers who have not been able to clear their goods in time on payment of duty and taxes. A notification No.SRO 522(l)/2012 dated 21.05.2012 has been issued whereby penal surcharge on goods not cleared within the prescribed period has been fully waived off. This facility is for ex-bond clearances made during the period from 21.05.2012 to 15.06.2012.