ISLAMABAD: Amendments to the Customs Act have been introduced for the next financial year to act against the theft of imported goods. As part of the amendment, a list of imported goods has been made mandatory that will be provided by the importers.
The master bill of the country from which the goods will be imported has to be provided, in addition to the master bill of lading will show where the shipment came from.
The list will be delivered online through a custom computerized system. Furthermore, it has become mandatory to install FBR-approved tracking and monitoring devices for cargo containers and trucks.
All cargo containers arriving by land will be scanned, transport of live animals and vehicles will be allowed in open vehicles.
According to the new clauses, the deputy director’s permission would be required to change the vehicle carrying goods in case of an accident.
The new clauses of the customs act will take effect on July 1
Finance bill
In a different set of amendments to the bill, the time duration after which any individual in Pakistan is legally required to file taxes was changed as well. Anyone living in Pakistan for 183 days will be taxed and will be required to file a tax return.
Previously, the finance bill had 120 days instead of 183 as the minimum duration.
As per Article 203A of the Finance Bill, if a tax filer evades more than Rs100 million, he will be arrested. In contrast, the non-filer would be arrested for tax evasion of more than Rs25 million.
Under Article 203A of the Finance Bill, arrests will be approved by a relevant committee and would be subject to permission of the finance minister, FBR chairman and FBR senior member.
Furthermore, the Finance Bill amends a 7 per cent reduction in GST on poultry feed, returning it to 10 per cent instead of 17 per cent; a 2.5 per cent reduction in federal excise duty on small vehicles; whereas 2.5 per cent increase in excise duty on vehicles up to 1000cc.
