KARACHI: Finance Act 2019-20 has clarified that maximum penalty on late filing of Goods Declaration (GD) will not exceed Rs100,000.
Finance Bill 2019 proposed to reduce the time limit for filing of goods declaration and payment of duty, taxes and other charges from 15 to 10 days.
Further, penalty for non-filing of the declaration within the stipulated time was also proposed to be amended from Rs 15,000 to Rs 5,000 per day for the initial five days of default, and thereafter, at a rate of Rs 10,000 per day for each day of default.
The Finance Act has further provided that the maximum penalty in this regard shall not exceed Rs 100,000.
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