Binary option regulated broker29 comments
Regulated agencies of binary options brokers 2015
Procedure in general According to this procedure export of gold jewelry shall be allowed by air, parcel post, courier services and by sea, as accompanied or unaccompanied baggage. Export of gold jewelry shall be made according to the usual Form "E" procedure of the State Bank of Pakistan. The sale proceeds of gold jewelry and gemstones exported under any provision of Export and Import procedure of Gold, Gold Jewelry and Gemstones Order, , shall be appropriated either wholly in foreign exchange through normal banking channels or partly in the form of gold up to one hundred per cent weight of gold content of jewelry exported including wastage, and gemstones, and partly in foreign exchange for value addition.
Clearance of Customs authorities shall be required for export and import of gold jewelry and gemstones, for this purpose following procedure shall be adopted. Export of gold jewelry shall be allowed with minimum value addition as follows:. Wastage of Gold Gold wastage or manufacturing loss in the production of gold jewelry shall be allowed to the exporters as exporters.
Value Addition Export of gold jewelry shall be allowed with minimum value addition as provided in clause c of para 8, given below:. Duties and Taxes Import of gold and gemstones under all schemes shall be exempt from normal import tariffs. The import of other raw materials, tools, machinery and equipment under import of gold and gemstones against export of jewelry or import entitlement shall be allowed free of customs duties and advance income tax. In case an exporter uses duty-paid raw materials procured from the market, duty drawback shall be admissible according to the standard duty drawback system in force.
Sales Tax on export of Gold Jewelry and Gemstones is zero-rated. An exporter can claim refund of Sales Tax paid on raw material inputs. Advance Tax at the rate of. A conversion table including twenty-four carats gold into lesser karatage prepared for the bank and Customs. The procedure for imports comprises of following three processes: Arrival of Goods at Customs Port 2. Filing and Examination of Bills of Entry 3. Assessment of customs duty. It may be noted that now there is no need to obtain import and export license from the Trade Development Authority of Pakistan.
For Exporters For Importers. As a result it has become a common practice to engage a clearing agency in fulfilling the requirements and procedures of the customs departments, as well as clearance of consignments. However a part of the negative perception relates to the low awareness level about the compliance requirements for import procedure. It can be divided into two major segments. First appraisal, where the goods are physically verified and customs duty is assessed and second appraisal where the actual or final duty is calculated and levied upon the importer.
Shipments may be received at either the Sea, Air port or Dry port declared by the customs authorities as customs ports, customs air port and land customs station; the procedure for clearance is same for every customs station. Arrival of the Goods at Customs Ports The Central Board of Revenue off and on declares the customs ports comprising of sea, land and air ports for the purposes of clearance of goods.
The customs clearance process starts with the arrival of cargo ship, plane or other carrier of goods in the country on the designated sea, land and air ports. Upon arrival of the goods at the customs port, the port authorities issue the Import General Manifest IGM to each shipment. It is a number indicating the serial of the shipment arrived during the year. Upon receipt of the IGM the consignment is further indexed to allow for a systematic reference of all goods received.
After issuing this number, the shipment is off loaded and sent back to port warehouse. In the case of land customs station i. Upon arrival of the off loaded goods, the clearance process starts. Normally at this point a clearing agency is engaged by the importer to facilitate the process of customs clearance and to reduce interface with the customs officials.