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Customs directs importers to maintain import data for 5 years

Customs directs importers to maintain import data for 5 years

LAHORE: The Custom authorities have instructed importers to preserve their import record for the five years to avoid any inconvenience.

The customs sources told Customs Today that earlier the importers have to preserve the record for the five year in order to reconcile their data with customs record to avoid discrepancies.

As per the Federal Board of Revenue’s SRO 564(1)2017 the importers have to preserve original copies of their contracts, electronic and manual record, including letter of credit, bills of lending, invoices, packages list, goods declaration, and bill of entry for five years in future.

The SRO further explained that the importers must have to maintain their records according to the customs tariffs of Pakistan Custom while the importers have also to preserve their records for the industrial and commercial imports.

The sources said that the instructions were passed to further streamline the customs data in the country and enable the department to form policies in accordance with the required data.