Mandatory minimum space in a common customs bonded warehouse to be revised

The Cabinet of Ministers approved the proposal made by the President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to empower the ‘Revised and Updated Policy Framework for appointing of Common Bonded Warehouses’  laid down under section 69 of the Customs Ordinance.

A Customs Bonded Warehouse is a storage facility provided to ensure the safety and quality of the goods prior to the payment of taxes applicable to imported goods and the transportation of those goods. Under the provisions of section 69 of the Customs Ordinance (Chapter 235), the Minister in charge of Finance may, on the recommendation of the Director General of Customs, appoint customs bonded warehouses. In view of the advancement of warehousing technologies and the need to create competitive advantage in the supply chain process, it has been recognized that the mandatory minimum space in a common customs bonded warehouse should be revised