The Federal Board of Revenue (FBR) has authorized business transactions of goods trading between the Gwadar Free Zone and the tariff area in Pakistani rupees. The FBR issued SRO 1006(I)/2024 on Monday to amend the Customs Rules 2001.
Previously, the draft amendments were issued under SRO 805(I)/2024 on June 3, 2024.
Under the revised rules, transactions between the Gwadar Free Zone and the tariff area are now permitted in Pakistani rupees. The existing rules had only addressed the export of goods into the zone from the tariff area.
According to the new rules, goods (excluding petty items) from the tariff area can be admitted into the Gwadar Free Zone upon completion of export formalities typically required for exporting to foreign countries. The rules specify that these transactions can be conducted in Pakistani rupees.
Furthermore, any goods removed from the Gwadar Free Zone for importation into the tariff area must follow the standard import procedures outlined in the Act and corresponding rules. These transactions between the Gwadar Free Zone and the tariff area are also allowed in Pakistani rupees.
