FBR proposes penalty for late payment by AEOs

12
Islamabad

The Federal Board of Revenue (FBR) has proposed a penalty for defaulting in payment for customs clearance by authorised economic operators (AEOs).

The FBR issued SRO 263(I)/2021 and proposed amendment to Customs Rules, 2002 related to the authorised economic operators.

According to the law, the authorised economic operator (AEO) is a certified entity which fulfils the security criteria and other laid down obligations and derives benefits as prescribed in the rules and may include manufacturers, importers, exporters, customs house agents, brokers, shipping lines, carriers, consolidators, intermediaries, port operators, airport operators, terminal operators, integrate operators, warehouse, distributors, freight forwarders and logistic service providers.

According to the proposed amendment the facility of deferred payment of duty and taxes will be provided in such manner that all duty and taxes payment in a month.—APP