KARACHI: The government has announced to waive penalty amounting Rs400 million for release of goods stuck up in customs bonded warehouses.
Finance Minister Asad Umar in his speech for presenting Finance Supplementary (Second Amendment) Bill, 2019 on January 23 disclosed that goods consignments, including industrial inputs, worth Rs5 billion had been stuck up in customs warehouse due to non-payment of surcharges for overstayed period.
He said that the business community was facing liquidity problem and unable to pay such surcharges for clearing the goods.
Therefore, the government in order to facilitate is waving Rs400 million penalty amount for release of stuck up industrial inputs.
This waiver will help in improving economic activity and increase exports as well, the finance minister added.