The National Board of Revenue issued new instructions on Tuesday to resolve complexities in clearing goods imported under bonded warehouse facilities, particularly when discrepancies arise in HS Code or product descriptions during customs inspections.
According to a press release from the NBR, holders of bonded warehouse licenses often experience delays in getting their goods cleared by customs when the HS Code or product description on their license does not match what customs officials find during their inspection.
Such delays have been disrupting the timely shipment of export orders.
To fix this, the NBR has said that if the first four digits of the HS Code from customs match those in the bonded license, goods can be released quickly if a promise is made to update the HS Code or description.
Moreover, if the customs authorities assign a different HS Code altogether, bonded warehouse license holders may update the revised HS Code in their entitlement through the Customs Bond Management System and complete the clearance process within a maximum of two days.
The press release also stated that proper compliance with this directive would make export operations of bonded facilities faster, smoother, and more cost-effective.