The Federal Board of Revenue (FBR) has been granted enhanced authority to regulate the importation and exportation of goods under section 16 of the Customs Act, 1969.
The FBR recently released an updated version of the Customs Act, incorporating amendments introduced through the Finance Act, 2021, up to June 30, 2021.
The amended Customs Act provides the FBR with the power to prohibit or restrict the movement of goods into or out of Pakistan, with the Federal Government authorized to issue notifications regarding such prohibitions or restrictions. The specific details of this amendment are outlined in section 16 of the Customs Act, 1969.
Text of Section 16: Power to Prohibit or Restrict Importation and Exportation of Goods
Section 16 of the Customs Act, 1969, as amended by the Finance Act, 2021, reads as follows:
“16. Power to prohibit or restrict importation and exportation of goods.- The Federal Government may, from time to time, by notification in the official Gazette, prohibit or restrict the bringing into or taking out of Pakistan of any goods of specified description by air, sea, or land.”
This provision empowers the Federal Government to issue notifications, officially published in the Gazette, to impose restrictions or prohibitions on the importation or exportation of goods. The scope of these restrictions can cover goods of specified descriptions and applies to various modes of transportation, including air, sea, and land.
Disclaimer: Ensuring Accuracy in Information
The release of the updated Customs Act comes with a disclaimer, emphasizing the information provided for section 16 is for reference purposes only. The team at PkRevenue.com, responsible for updating the text, makes every effort to ensure accuracy. However, they explicitly state that they are not liable for any errors or omissions in the presented text.
Significance of the Amendment
Granting the FBR the authority to control the importation and exportation of goods aligns with broader efforts to enhance regulatory frameworks, streamline trade procedures, and safeguard national interests. This amendment allows for a dynamic response to changing economic, security, or public health situations, enabling the government to swiftly impose necessary restrictions when required.
The flexibility provided by section 16 is crucial in managing trade flows, especially during times of crisis or when specific goods need special attention. It also reflects a commitment to international best practices in customs and trade regulation.
Businesses engaged in international trade, as well as customs practitioners, will need to stay informed about the evolving regulatory landscape to ensure compliance with any prohibitions or restrictions imposed under this amended section. The updated Customs Act marks a significant step in fortifying the legal framework, contributing to more effective customs control and regulation of cross-border trade activities.