S.R.O. 568(I)/2024, Islamabad, the 2nd April, 2024

Amendments in the Customs Rules, 2001 GOVERNMENT OF PAKISTAN (REVENUE DIVISION) FEDERAL BOARD OF REVENUE NOTIFICATION **** (CUSTOMS) Islamabad, the 2nd April, 2024. S.R.O. 568(I)/2024.- In exercise of the powers conferred by section 219 of the Customs Act, 1969 (IV of 1969), section 50 of the Sales Tax Act, 1990, section 40 of the Federal Excise Act, 2005 and section 237 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Board of Revenue is pleased to direct that the following further amendments shall be made in the Customs Rules, 2001, which, as required under sub-section (3A) of the said section 219, were previously published vide Notification No. S.R.O. 59(I)/2024, dated the 1st day of February, 2024, namely:- In the aforesaid Rules, after Chapter-XLIV, the following new Chapter XLV shall be added, namely:- “CHAPTER XLV PRELIMINARY 1124. Short title and commencement.- (1) These rules shall be called the Import, Domestic Sale and Re-export of Petroleum Products on Foreign Supplier’s Account under the Customs Bonded Facilities Rules, 2024. (2) These rules shall come into force at once. 1125. Scope. - (1) These rules shall apply to international oil suppliers, in accordance with the policy guidelines issued by the Federal Government, for the import of crude oil and other petroleum products on foreign supplier’s account through customs bonded storage facilities ratified by the Federal Cabinet vide Case No. 382/Rule-19/2023, dated the 28th June, 2023 and circulated by the Petroleum Division, Ministry of Energy, vide letter No. PL-2(5)/2023-Bonded Storage dated the 7th July, 2023. The import, domestic sale, and re-export shall be regulated in terms of the Import Policy Order, 2022 as amended vide Notification No. S.R.O. 1259(I)/2023 dated the 7th day of September, 2023 and Export Policy Order, 2022 as amended vide Notification No. S.R.0.1260(I)/2023 dated the 7th September, 2023 and policy directions by Petroleum Division and the State Bank of Pakistan (SBP). (2) The foreign supplier shall have the option to establish its own registered business or operate through a subsidiary company registered in Pakistan. They will be allowed to maintain an inventory…