ISLAMABAD: Federal Board of Revenue (FBR), through SRO 564(I)/2017, has surged the time period for maintaining accounts and records of import and disposal and supply by importers up to five years.
The FBR has made it mandatory to all importers to maintain manual or electronic records to five years from previous three years.
As per amended Rule 126 of Customs Rules 2001, all importers shall maintain manual or electronic accounts of imports and disposal and supply thereof in the prescribed formats and shall maintain original and copies of contracts, letters of credit, bills of lading, invoices, packing lists and Bills of entry and Goods Declarations for a period of not less than five years from the date of respective imports as per the following conditions, namely:
(I) The name, National Tax Number, Sales Tax registration number, and address of the importer as well as complete address with telephone Nos., Fax Nos. etc. of storage premises shall be mentioned on the first page of the register in the form as set out below for maintenance of accounts of imports and disposal thereof;
(ii) importer shall maintain Pakistan Customs Tariff (PCT) heading wise record on daily basis giving complete description with size, length, weight, Article No./Part No. /Patent/S. No; whatever applicable, of each unit and Pakistan Customs Tariff Heading No;
(iii) accounts of imports for commercial purposes or for industrial purposes (inhouse consumption) shall be maintained in the format as set out in Table-I;
(iv) every importer maintaining accounts in the prescribed manner shall extend all assistance to an appropriate officer of Customs enabling him to perform detailed audit or examination of the accounts and related books and record and to obtain attested copies or verify the information on which the determination of the amount of customs duty and taxes paid or payable was made; and
(v) importer shall also prepare and handover transport permit in the format as set out in Table-II which shall be presented by the driver of vehicle or conveyance to the Customs authorities whenever and wherever demanded during the transhipment for satisfaction of the authorities that goods being transported were legally imported.