The Federal Board of Revenue (FBR) has granted the customs collectors unrestricted authority to approve duty drawbacks or rebates of any amount of customs duty to the business community.
Tuesday saw FBR provide notice to SRO.342(I)2023 to set the maximum amount of money that Customs personnel could refund.
According to the SRO released by the FBR, the Collectors of Customs are legally permitted to grant refunds with no upper dollar limit.
Now, refunds up to Rs. 2.5 million can be approved by the Additional Collectors of Customs. Refunds of up to Rs 1 million can be given out by the deputy collectors of customs.
The Assistant Customs Collectors have been given the authority to grant refunds up to Rs. 0.2 million.
No reimbursement of customs duties or charges alleged to have been paid or overpaid via mistake, error, or misinterpretation shall be permitted, according to the relevant section of the Customs Act 1969, unless such claim is filed within one year of the date of payment.
The specified one-year period for interim payments made under Section 81 of the Customs Act shall be calculated starting on the date of the duty adjustment following its final evaluation.
The Customs Act adds that the one-year period shall be calculated from the date of any decision or judgment by any relevant official of Customs, the Board, the Appellate Tribunal, or the Court in cases where a refund has become due as a result.
0 Comments