FPCCI Advisory Council discussed warehouse limitation issue

Karachi, March 11, 2021: Mian Nasser Hyatt Maggo, President of the Federation of Pakistan Chambers of Commerce and Industry said that due to COVID-19 commercial activities are down causing overstay of consignments and subsequently facing surcharge on clearance. During the meeting of the FPCCI Advisory Council on Budget various issues were discussed including period of limitation of warehousing.

The President FPCCI said that the economic slowdown, recession in the market and financial constraints due to COVID-19, importers are unable to clear their consignments in time which has led to a situation where large quantities of warehoused goods have piled up incurring heavy surcharge as no general concession has so far been extended by the Federal Government in this matter. The situation is also impacting substantial amount of revenue.

During the meeting of the Advisory Council headed by Zakariya Usman former President of FPCCI issue of importers of raw material were presented who are facing problems due to their consignments lying in customs bonded warehouses beyond the period stipulated under section 98 of the Customs Act, 1969. The meeting resolved to approach FBR to consider grant of waiver of surcharge on overstayed consignments in order to alleviate the problems of the importers.

Mian Nasser Hyatt Maggo President FPCCI said that the government under the present difficult circumstances may favourably consider the enhancement of customs bonded warehousing period limitation up 60 days so as to mitigate hardship of importers.

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