ISLAMABAD: Building further on its policy of ensuring ease of doing business, the federal government has provided relief to the business community by extending the warehousing period and waiving off the penal surcharge on overstayed goods, lying un-cleared in the Customs bonded warehouses.

The Federal Board of Revenue (FBR) in its notification No SRO 1399 (I)/2021 issued on October 27, 2021 has said that the penal surcharge on goods not cleared within the prescribed period has been fully waived.

This measure has been taken to facilitate the trade and industry and commercial importers who have not been able to clear their goods on time by the payment of duty and taxes.

The FBR also clarified that the facility is for ex-bond clearances made within 30 days from the date of commencement of this notification up to November 25, 2021.