Staff Reporter :
In a bid to alleviate congestion in ports and streamline customs processes, the National Board of Revenue (NBR) has announced amendments to the Customs Law of 2023.
Effective from June 6, importers will face penalties if they fail to release goods from ports within 10 days of customs clearance.
Under the new regulations, importers will be subject to a penalty of 10 per cent interest if goods are not released within the stipulated time frame. Previously, importers were only liable for port and shipping demurrage fees.
The Customs Act 2023 mandates that imported goods must be cleared from ports upon payment of customs duty within 10 days of customs clearance.
Failure to adhere to this timeline will result in the imposition of interest charges.
NBR officials have emphasized that these amendments aim to alleviate container congestion in ports, a persistent issue that has plagued import-export operations.
According to section 32 of the Act, import duties and charges must be settled within 10 days after assessment. Failure to do so will incur a simple interest rate of 10 per cent per annum from the last date of payment until the goods are released.
Additionally, interest at the same rate will be applied to any arrears of duty-tax.
The new legislation also mandates that goods must be declared or a bill of entry
submitted within 5 days of arrival at the port. Violation of this rule will result in penalties for importers.
Furthermore, the Customs Act 2023 incorporates several industry-friendly provisions aimed at reducing harassment in ports, as highlighted by NBR officials.
These include measures such as Authorized Economic Operators (AEOs), Mutual Recognition Agreements (MRAs), Electronic Declarations, Risk Management, and Post Clearance Audits (PCA).