FBR may defer duty collection through special order

FBR may defer duty collection through special order

Section 21A of Customs Act, 1969 has empowered Federal Board of Revenue (FBR) to defer imposition of custom duty through especial order.

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The Federal Board of Revenue (FBR) issued updated Customs Act, 1969 up to June 30, 2021. The act has been updated by making amendments brought through Finance Act, 2021.

Following is the text of section 21A of the Customs Act, 1969:

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21A. Power to defer collection of customs-duty.- (1) Subject to such conditions, limitations or restrictions as it thinks fit to impose, the Board may, in such general cases as may be prescribed by rules or in particular cases by special order, defer the collection of customs-duties either in whole or in part.

(2) Where deferment of customs-duties is allowed by the Board under sub-section (1), a surcharge not exceeding KIBOR plus three per cent per annum shall also be payable on the deferred amount from such date and in the manner as the Board may by rules prescribe.

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(Disclaimer: The text of above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)

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