The National Board of Revenue (NBR) is taking a stringent approach to prevent delays in clearing import consignments at the port. The new customs law, recently passed in parliament, introduces a provision that requires importers to pay interest to the customs department in addition to port charges if duties, taxes, and other charges are not paid within the specified date.
This move aims to reduce the tendency to keep imported consignments at the port for an extended period, which often leads to congestion. However, some business leaders find this provision illogical and suggest that those causing delays, such as customs, should be liable to pay interest. Additionally, the new law introduces a floating exchange rate for valuing imported shipments, ensuring real-time exchange rates are used for taxation purposes. This change aims to minimize opportunities for any party to gain an unfair advantage.
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