ISLAMABAD: The Federal Board of Revenue (FBR) has announced a waiver of penal surcharge on overstayed goods at the warehouses. The FBR issued an SRO 1399 (I)/2021 to implement the decision. It decided to remit the penal surcharge in the case that goods are cleared from the warehouse within 30 days, starting from the date of commencement of the notification. The revenue board also extended the existing warehousing period of already in-bonded goods for a further period of 30 days from the date of commencement of the notification. However, the facility under the notification would not apply to the goods, which have since been abandoned or auctioned under the Customs Act, 1969. - TLTP