Key Takeaways
– FBR now allows trade transactions between Gwadar Free Zone and the tariff area in Pakistani rupees.
– New rules amend previous regulations, expanding trade flexibility within Pakistan.
– Export and import procedures for goods remain aligned with standard practices.
FBR’s New Authorization for Trade in Pakistani Rupees
The Federal Board of Revenue (FBR) has recently approved business transactions of goods trading between the Gwadar Free Zone and the tariff area to be conducted in Pakistani rupees. This decision, formalized through SRO 1006(I)/2024 issued on Monday, amends the Customs Rules of 2001.
Amendments to Customs Rules
Earlier, draft amendments were proposed under SRO 805(I)/2024 on June 3, 2024. The revised rules now permit transactions between the Gwadar Free Zone and the tariff area in the local currency. Previously, the regulations only addressed the export of goods into the zone from the tariff area.
New Trade Regulations
According to the updated rules, goods (excluding minor items) from the tariff area can be brought into the Gwadar Free Zone after completing the standard export formalities required for foreign trade. These transactions are explicitly allowed to be carried out in Pakistani rupees.
Import Procedures
The new regulations also specify that any goods moved from the Gwadar Free Zone into the tariff area must comply with the usual import procedures as outlined in the relevant Act and corresponding rules. These transactions are similarly permitted to be conducted in Pakistani rupees.
