Amendment in S.R.O. 554(I)/98, dated the 12th June, 1998

GOVERNMENT OF PAKISTAN MINISTRY OF FINANCE, ECONOMIC AFFAIRS, STATISTICS AND REVENUE (REVENUE DIVISION) *** Islamabad, the 6th June, 2005. NOTIFICATION (CUSTOMS) S.R.O. 573(I)/2005. - In exercise of the powers conferred by section 19 of the Customs Act, 1969 (IV of 1969), and clause (a) of sub-section (2) of section 13 of the Sales Tax Act, 1990, the Federal Government is pleased to direct that the following further amendments shall be made in its Notification No. S.R.O. 554(I)/98, dated the 12th June, 1998, namely: - In the aforesaid Notification,- (i) in the preamble, for the figures and word “31st March, 2005” the figures, comma and word “30th June, 2005” shall be substituted and shall be deemed to have been so substituted on the 1st April, 2005. (ii) in condition (v), for the proviso, the following shall be substituted, namely:- “Provided that in case an importer fails to achieve targets of exports as required under this notification or under any other notification, whether in currency or rescinded, and/or opts to forego the benefit of duty concession at post import stage, shall make payment of minimum customs duty at the rate of one percent per year of default with a maximum of 2.5% of the dutiable value ascertained at the time of import for which bills of entry were filed on or before 12th June, 2004. Where import is made against bills of entry filed after 12th June, 2004 the importer shall pay 5% of the dutiable value as ascertained at the time of import. This shall be considered full and final discharge of the entire liabilities. The aforesaid facility shall be available till 30th June, 2005 for imports made on or before 12.6.2004 while in respect of imports made after 12.6.2004, this facility can be availed upto 30th September, 2005. Thereafter the importer shall pay statutory rate of duty and the other taxes alongwith penalties as per relevant conditions of respective notifications. This one time relief shall however not entitles anyone to claim refund.”. [C.No.1/6/Mach./2004-Pt.] (Muhammad Ramzan) Additional Secretary