Al Amin :
A new Customs Bill, which has already been approved by the cabinet recently, is now waiting to be placed in the Parliament to pass it.
The NBR officials said the new bill, comprising 27 Chapters and two schedules and 286 articles, is likely to be placed in the running session of the Parliament.
They said that the law incorporated various provisions in line with globally best practices to speed up clearance of goods meant for export and import from ports with the objective of facilitating international trade
Under the new law, valuation of duty and tax will be done based on current
exchange rates of currency instead of the present method of weighted average rates of the previous month.
Importers will also face higher penalties than what are at present for not clearing goods from ports within a certain period of time, according to the law.
To rein in false declarations, a provision of establishing a modern risk management unit and risk management system has been incorporated in the law.
Provisions have been kept to curb money laundering, terrorism and proliferation of weapons of mass destruction and prevent financing of the spread of terrorism.
Use of scanner for all export-import goods has become mandatory as per the provision of the new law.
The new customs act has incorporated the current international best practices to ensure a modern, standard and transparent customs business process in the country and reduce the time and cost of cross-border trade.
The measures, including the authorised economic operator, electronic declaration, risk management, post clearance audit, non-intrusive inspection and mutual recognition agreement, have been adopted in the law in line with the Revised Kyoto Convention and the SAFF Framework of Standards, the two global conventions on standardisation, simplification and supply chain security of international trade.
It will also facilitate implementation of the provisions, including advance ruling, stakeholders’ consultation and publication of notices, of the Trade Facilitation Agreement of the World Trade Organisation.
Customs will follow a technology-based risk management system to prevent mis-declaration, smuggling and duty evasion under the law, NBR officials said.
The new law will also ensure penalty and punishment for non-compliant traders based on repetition and gravity of offence while reducing the discretionary power of customs officials to ensure voluntary compliance of the law.
The law empowered customs officials with magistracy powers for the purpose of entry, search, seizure and arrest for violation of the provisions of the law.
A new Customs Bill, which has already been approved by the cabinet recently, is now waiting to be placed in the Parliament to pass it.
The NBR officials said the new bill, comprising 27 Chapters and two schedules and 286 articles, is likely to be placed in the running session of the Parliament.
They said that the law incorporated various provisions in line with globally best practices to speed up clearance of goods meant for export and import from ports with the objective of facilitating international trade
Under the new law, valuation of duty and tax will be done based on current
exchange rates of currency instead of the present method of weighted average rates of the previous month.
Importers will also face higher penalties than what are at present for not clearing goods from ports within a certain period of time, according to the law.
To rein in false declarations, a provision of establishing a modern risk management unit and risk management system has been incorporated in the law.
Provisions have been kept to curb money laundering, terrorism and proliferation of weapons of mass destruction and prevent financing of the spread of terrorism.
Use of scanner for all export-import goods has become mandatory as per the provision of the new law.
The new customs act has incorporated the current international best practices to ensure a modern, standard and transparent customs business process in the country and reduce the time and cost of cross-border trade.
The measures, including the authorised economic operator, electronic declaration, risk management, post clearance audit, non-intrusive inspection and mutual recognition agreement, have been adopted in the law in line with the Revised Kyoto Convention and the SAFF Framework of Standards, the two global conventions on standardisation, simplification and supply chain security of international trade.
It will also facilitate implementation of the provisions, including advance ruling, stakeholders’ consultation and publication of notices, of the Trade Facilitation Agreement of the World Trade Organisation.
Customs will follow a technology-based risk management system to prevent mis-declaration, smuggling and duty evasion under the law, NBR officials said.
The new law will also ensure penalty and punishment for non-compliant traders based on repetition and gravity of offence while reducing the discretionary power of customs officials to ensure voluntary compliance of the law.
The law empowered customs officials with magistracy powers for the purpose of entry, search, seizure and arrest for violation of the provisions of the law.
