Sunday , September 20 2020
Breaking News
Home / Breaking News / Importers start moving consignments to bonded warehouses
Importers start moving consignments to bonded warehouses
Faisalabad Customs Intelligence collects evaded tax, release consignments

Importers start moving consignments to bonded warehouses

LAHORE:  Importers said they are moving their consignments to bonded warehouses as private terminals and Port and Shipping companies have refused to waive detention and demurrage charges.

They said dutiable goods can be stored at bonded warehouses without payment of import taxes for a period of six months. Importers only pay taxes on the quantity of goods removed from the warehouses. As such, traders pay taxes in parts avoiding immediate burden of taxation.

An official said there had been a sudden surge of traffic at bonded warehouses as ports refused to waive penalties, while expectations of further improvement in rupee value against greenback compelled importers to in-bond goods. “Duty and taxes are imposed on the value of imported goods in dollar, and strong rupee would save additional amount that importers would pay at higher rate of dollar.”

Importers have asked the authorities to waive one percent customs duty imposed on transfer of cargo to bonded warehouses from the port till 30, June, 2020.