Big Changes for Petroleum Imports, Shoe Polish Customs Values, and Baggage Rules in Pakistan!

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.

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