The Federal Board of Revenue (FBR) has allowed maximum 50 percent depreciation for release of confiscated smuggled packages and containers on payment of redemption fine.
In this regard, the FBR has issued SRO.1280(I)/2024 to amend SRO.487(I)/2007 here on Tuesday.
According to SRO.487(I)/2007, the FBR has given an option in respect of the specified goods to pay fine in lieu of confiscation. The quantum of fine in lieu of confiscation in respect of offences shall be at a rate specified and shall be over and above the customs-duties and other taxes and penalties imposed under the relevant law.
The lawfully registered conveyance including packages and containers, found carrying offending goods under section 2(s) of the Customs Act, 1969 (IV of 1969) would be released on payment of 20 percent redemption fine.
In this case, the value of the seized vehicle for payment of fine in lieu of confiscation, shall be determined by allowing a maximum of 50 percent of depreciation @ of 2 percent per month up to 24 months. Any further depreciation in value for the purposes of this sub-clause shall be in accordance with the provision of sub-rule (2A) of rule 58 of Customs Rules, 2001, after written approval of the relevant Collector of Customs, FBR added.
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