In order to allow foreign oil suppliers to get their businesses registered in Pakistan, the Federal Board of Revenue (FBR) on Tuesday issued the SRO 568 after making amendments to the Customs Bonded Facilities Rules, 2024, concerning these suppliers, reported 24NewsHD TV channel.
According to the FBR, the purpose of these amendments is to facilitate the import, storage and export of petroleum products.
Under the amended rules, the Board has informed, foreign suppliers have been authorized to form subsidiary companies.
Besides that, they will also be free to import crude oil and petroleum products, it has said, adding that under the new arrangement, these suppliers will also be able to sell petroleum products in markets or export them.
Similarly, there will also be no bar on them to first import and then export these products to other countries, the FBR has explained.
Furthermore, the department has said, the suppliers will also have the facility to keep their imported items in the Customs Storage Facility.
Likewise, the suppliers will be free to use a warehouse anywhere in the country.
However, the Board has said, the suppliers will have to pay service charges in US dollars, through banking channels.
The FBR has said that the suppliers and their subsidiaries will be bound to follow the instructions of the State Bank of Pakistan (SBP) and Pakistan Customs.
Reporter: Ashraf Khan