ISLAMABAD, June 25: The Central Board of Revenue (CBR) has introduced amendments in the Customs Act 1969 for the effective warehousing of imported goods. A customs official told Dawn on Saturday that the amendments were made in the Act following the instances of replacement and removal of goods without payment of taxes from the warehouses.
The official said the government had decided that warehousing of goods should be allowed against submission of post-dated cheques instead of a bond. It had also been decided that period of warehousing reduced from 12 months and 3 months to a period of 6 months and 3 months for non-perishable and perishable goods, respectively.
The official was of the opinion that the measures would minimize speculations and cost of doing business besides ensuring the timely collection of public revenues by way of encashment of post-dated cheques after the expiry of warehousing period.
The collector of customs is competent to grant licence for public warehouse and private warehouse under sections 12 and 13 of the Customs Act, 1969. Chapter XI of the Act specifies the procedures for warehousing of imported goods, their storages, clearances, and other allied matters.
Presently, goods could be allowed for warehousing on execution of a bond equal to twice the amount of duties for a period of one year except perishable goods, which could remain warehoused for a period of three months.
The encashment of bonds was not possible because of protracted litigation in case the goods were not cleared from warehouses after expiry of specified period. Thus, the customs authorities have to remit the warehousing surcharge frequently and auction the goods after lapse of a considerable period and with resultant deterioration of warehoused goods, added the official.
