ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday waived penal surcharges on overstayed consignments to facilitate trade community.
The FBR said that the waiver had been granted in pursuance to decision taken at the Economic Coordination Committee (ECC) of the Cabinet held on March 27, 2019 to waive penal surcharges on the overstayed cargoes at ports.
The FBR said that the time to stay of the cargo has been extended up to April 13 the period for which warehoused goods may remain in the warehouse.
Further the government also directed to remit penal surcharges in the case of goods which are cleared from the warehouse within the period starting on April 08, 2019 and ending April 13, 2019.
The FBR said that the decision would not apply to the goods which had since been abandoned or auctioned under the rules.