ISLAMABAD: The Federal Board of Revenue (FBR) has taken a significant step by extending the warehousing period for already in-bonded goods up to July 31, 2020.
This move, announced through SRO 616(I)/2020 on Monday, aims to provide relief to businesses and traders affected by various logistical challenges.
The Special Revenue Order (SRO) issued by the FBR outlines the extension of the existing warehousing period for in-bonded goods, offering a lifeline to businesses grappling with delays and disruptions. The extension allows for more flexibility in managing stored goods and addresses concerns related to penal surcharge remittance.
Under the SRO 616(I)/2020, the FBR emphasizes the following key points:
1. Extension of Warehousing Period: The primary objective of this SRO is to extend the warehousing period for already in-bonded goods. Businesses and traders can now keep their goods stored in bonded warehouses until July 31, 2020, providing them with additional time to manage their inventory effectively.
2. Penal Surcharge Remittance: The SRO also offers relief in terms of penal surcharge. Goods cleared from the warehouse within the period starting from the issuance of this notification and concluding on July 31, 2020, will be eligible for a waiver of penal surcharge. This provision is expected to ease the financial burden on businesses during these challenging times.
3. Exclusions: It is crucial to note that the extension provided in the notification does not apply to goods that have been abandoned or auctioned under the relevant rules. The FBR aims to strike a balance between providing flexibility to businesses and ensuring that the extension benefits those genuinely facing challenges due to external factors.
The decision to extend the warehousing period comes in response to the ongoing challenges faced by businesses, including delays in transportation, supply chain disruptions, and logistical constraints. By offering this extension, the FBR acknowledges the need to support economic stakeholders during these unprecedented times.
Industry experts and business leaders have welcomed this proactive measure, citing its potential to mitigate the impact of the current economic uncertainties. The flexibility granted by the extended warehousing period is expected to facilitate smoother operations for businesses dealing with import and export activities.
While the FBR aims to provide relief, it remains vigilant by excluding goods that have been abandoned or auctioned. This careful consideration ensures that the benefits of the extension are directed toward businesses genuinely grappling with operational challenges rather than those attempting to take advantage of the situation.
As businesses navigate the complexities of the current economic landscape, the FBR’s decision to extend the warehousing period reflects a commitment to fostering resilience and stability within the business community. The impact of this measure is anticipated to reverberate positively across various sectors, contributing to a more robust and adaptable economic environment.
