ISLAMABAD: The government has introduced mechanism of advance ruling to facilitate importers and investors to ensure transparency in clearance process.
Section 212B has been inserted to the Customs Act, 1969 through Finance Bill, 2020 to introduce advance ruling.
Section 212B: Advance Ruling.
(1) An applicant desirous of advance ruling shall make an application in such form and in such manner as may be prescribed under the rules, stating any of the questions as contained in sub-section (2), on which the advance ruling is sought.
(2) The question on which advance ruling is sought shall be in respect of-
(i) classification of goods under First Schedule to this Act;
(ii)determination of origin of the goods under the rules of origin notified for bilateral and multilateral agreements;
(iii)applicability of notifications issued in respect of duties under this Act or any tax or duty chargeable under any other law for the time being in force in the same manner as duty of customs leviable under this Act; or
(iv)any other matter as the Board may specify by notification in the official Gazette.
(3)The advance ruling issued under sub-section (1) shall be binding on the applicant.
(4)The advance ruling issued under sub-section (1) shall be binding on the customs collectorates for the period specified by the Board in the rules, unless there is a change in law or facts or circumstances on the basis of which the advance ruling was pronounced.