General Amnesty has been notified for liquidation of financial securities

GOVERNMENT OF PAKISTAN MINISTRY OF FINANCE, ECONOMIC AFFAIRS, STATISTICS & REVENUE (REVENUE DIVISION) *** Islamabad, the 9th June, 2007 NOTIFICATION CUSTOMS S.R.O. 491(I)/2007:- In exercise of the powers conferred by section 19 of the Customs Act, 1969 (IV of 1969), and sub-section (1) of section 13 of the Sales Tax Act, 1990, and in supersession of its Notification No. S.R.O. 572(I)/2005, dated the 6th June, 2005, the Federal Government is pleased to further exempt the imports made prior to 30.6.2004 and dispense with the conditions as provided under relevant notifications subject to following conditions, limitations or restrictions as the case may be:- (i) The financial instruments, securities or indemnity bonds etc., submitted for clearance of plant, machinery, equipment, spares or parts of machinery imported under various concessionary notifications shall stand released without furnishing of the requisite production or installation certificates or installation-cum-production certificates for cases where customs duty @ 5% or more was paid besides exemption from sales tax vide S.R.O. 987(I)/99, dated the 30th August, 1999. This concession shall also be applicable to goods constituting raw materials, components, intermediary products or consumer goods imported under the concessionary regime where customs duty @ 5% or more was paid; (ii) in cases where exemption from whole of customs duty and sales tax was availed on the plant, machinery, equipment, spares, or on goods constituting raw materials, components, intermediary products or consumer goods imported under the relevant exemption notifications, the time limit for furnishing or production, installation, consumption certificates or installation-cum-production certificates stands extended upto 31st December, 2007; or

(iii) the importers may opt out to forego the benefit of duty and tax concession or exemption availed at the time of import by paying customs duty at the existing statutory rates or concessionary rates (but not below the minimum rate of 5% duty) as applicable to the relevant sector. The importers in this case shall produce the proof of payment latest by 30th September, 2007 to get the financial instruments, securities or indemnity bonds etc., released. (iv) in cases of imports made under the defunct Yellow Cab Scheme, the indemnity bonds secured ten or more years earlier also stand released automatically. Provided that the aforesaid concessions shall not be applicable to cases of closed transactions or where the admissibility of the claimed notification was disputed and the same is not covered under the subsequent or existing customs notifications or where any fiscal fraud, misuse or abuse of the concessionary or exemption regime was committed or cases where criminal proceedings were initiated or the investigations are underway or the cases are subjudice before the legal fora. Provided further that this notification shall not entitle anyone to claim refund of the part or full payments made on any account or recoveries effected in the past against the liability under any notification, and whether the transaction has been closed or not. (C.No. 1/1/Tariff-II/2007). (MUSARRAT JABEEN) ADDITIONAL SECRETARY