Finance Act empowers FBR to recover regulatory duty

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ISLAMABAD: Federal Board of Revenue (FBR) has been empowered to recover regulatory duty after implementation of Finance Act 2018 that was stuck up due to court proceedings.
Sources in Pakistan Customs said that the approval of the parliament to the proposals related to regulatory duty had paved way for FBR to recover the regulatory duty.
It worth mentioning that the matter was pending before the Supreme Court of Pakistan after a higher court declared the imposition of regulatory as void and illegal.
According to the Finance Act 2018: “Notwithstanding any order or judgment of any court, a High Court and the Supreme Court, the regulatory duty already levied, collected and realized in exercise of any powers under this Act, before the commencement of the Finance Act, 2018 and after the commencement of the Finance Act, 2017, shall be deemed to have been validly levied, collected and realized under this Act, in exercise of the powers conferred on the commencement of the Finance Act, 2018, and where any such regulatory duty has not been levied, collected or realized, the same shall be recoverable in accordance with the provisions of this Act.”