The government allowed import of petroleum products on account of foreign suppliers

Islamabad: The federal government allowed foreign suppliers to import petroleum products on account, sell them locally and re-export them to other countries.

According to a document available to “Express News”, the Federal Board of Revenue (FBR) has amended the Customs Rules 2001 containing the new Customs Bonded Facilitation Rules 2024, while these amended rules have been implemented through a notification. .

Under these customs-bonded facilitation rules, foreign suppliers will be able to import petroleum products on account, sell them locally and re-export them to other countries.

The rules issued by the FBR said that foreign oil suppliers will have the option of setting up their own registered business in Pakistan or operating through a subsidiary of a company registered in Pakistan.

The rules further stated that wherever international suppliers of oil keep crude oil or other petroleum products in public in customs bonded warehouses in Pakistan, there is no farm exchange inventory of crude oil and other petroleum products available for local buyers or re-exports. It will also be allowed to keep.

The rules further stated that the subsidiary through which the international oil suppliers will operate a company registered in Pakistan must be registered with the FBR and must also have a bank account in Pakistan.