Tax committee to formulate rules for imposition of penalty

Web DeskWeb Editor

08th Jul, 2021. 01:26 pm
Tax authorities

KARACHI: The tax authorities have constituted a committee of senior officials of Customs to formulate rules to implement Section 156 (I) of the Customs Act, 1969 that is amended through the Finance Act, 2021.

The Federal Board of Revenue (FBR) said that the provision of law prescribes certain penalties for not placing invoice, packing list inside the container or failure to attach or upload mandatory documents with the goods declaration.

The committee will formulate rules to develop parameters to specify the person and circumstances in which the penalty prescribed for non-placement of invoice and packing list would be imposed.

It will also identify different types of goods declarations and prescribe documents that are considered mandatory for the submission along with those goods declarations.

The revenue board also said the rules would be notified in due course of time and till framing of the rules, no action would be taken in this matter.

The FBR has assured the trade bodies that the subject provisions will be applicable only after the notification of rules by the Federal Board of Revenue.

Meanwhile, the earlier practice will continue by the Customs field formations. Moreover, after submission of the draft rules by the committee, the revenue board will publish these draft rules on the FBR website for seeking input from all stakeholders before implementing the same.

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