FPCCI for 100% PS waiver on overstayed goods

KARACHI: President Federation of Pakistan Chambers of Commerce & Industry (FPCCI) Zakaria Usman on Monday urged Chairman Federal Board of Revenue (FBR) Tariq Bajwa to grant 100 percent waiver of Penal Surcharge (PS) on goods overstayed in warehouse and extend the warehousing period up to June 30, 2014.

The FPCCI chief said, “This will facilitate the importers in release of such goods at comparatively lesser rate and ensure smooth supply of raw materials to the industry and consumer goods on the one hand and increase in revenue to the government exchequer on the other hand, thus boosting the economic activity in the country and reducing the liquidity crunch.”

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