Federal Tax Authority wants all the Warehouse keepers of one or multiple Designated Zones to appoint a certified external auditor to audit the Opening Stock as of 1st January in each Designated Zone per Excise Tax Registrant. An audit report has to be submitted before filling in the Opening Stock Declaration Form.
Deadline to submit the Opening Stock Declaration: 31st January 2021
1. Failure to submit an Opening Stock Declaration will set the stock held in the Designated Zone to be zero (0), which will restrict you from moving stock out of a Designated Zone.
2. Variances in Opening Stock Declarations may lead to administrative penalties or Excise Goods being considered as released for consumption.
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