- The Federal Board of Revenue (FBR) will reject refund claims of customs duty if filed after one year.
- This is part of the FBR’s efforts to streamline tax processes.
- The updated Customs Act, 1969 outlines this requirement for the tax year 2024.
- Refund claims related to customs duties or charges must be submitted within one year.
- No refunds will be entertained if the claim is made beyond the one-year time frame.
- The one-year period will be calculated from the date of payment or adjustment of duty.
- The FBR has introduced a mechanism for the expeditious handling of refund claims.
- Refunds will not be granted if the burden of the duty has been transferred to end-users.
- The FBR has the authority to specify the jurisdiction and powers of Customs officers for sanctioning refunds.
- The FBR aims to expedite the resolution of refund matters and reduce delays in seeking reimbursements.
- Businesses and individuals involved in international trade should stay updated on these amendments.
Source: pkrevenue.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
