Here’s a breakdown of recent updates announced by Pakistani authorities:
1. New Rules for Foreign Petroleum Suppliers:
- International oil suppliers can now establish businesses or operate through subsidiaries in Pakistan.
- These companies can import crude oil and other products through bonded storage facilities under new guidelines.
- This move aims to increase competition and potentially impact fuel prices.
2. Revised Customs Values for Shoe Polish:
- Customs values for shoe polish imported from Turkey and China have been reduced.
- This follows requests from importers who argued the previous values were too high.
- Lower values could mean cheaper shoe polish for consumers.
3. FTO Orders Crackdown on Luxury Goods in Baggage:
- The Federal Tax Ombudsman has directed FBR to amend baggage rules to stop misuse.
- High-value luxury goods are allegedly being brought in under the guise of personal baggage.
- FBR must close loopholes and launch a new “Overseas Pakistanis Door to Door Service” to address concerns.
4. Stricter Checks on Commercial Goods in Baggage:
- Customs authorities are on alert for misdeclaration of commercial quantities in baggage.
- Definition of “commercial quantity” may be revised to prevent abuse of the system.
- This could lead to stricter checks and potential penalties for violators.
