Customs penalty reform reduces prescribed penalties and allows waiver upon timely payment of duty and interest. The Bill amends section 28 to allow proceedings to be deemed concluded and no penalty levied if the duty and interest specified in a show cause notice are paid in full within thirty days of receipt, reduces the penalty in subsection (5) from twenty five per cent to fifteen per cent, and adds an Explanation deeming certain pending proceedings concluded if duty, interest and applicable penalty are paid within thirty days of presidential assent. Related amendments in sections 112 and 114 cap penalties and set reduced payable penalties where duty and interest are timely paid, and other clauses omit or alter procedural subsections and explanations.
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Customs penalty reform reduces prescribed penalties and allows waiver upon timely payment of duty and interest.
The Bill amends section 28 to allow proceedings to be deemed concluded and no penalty levied if the duty and interest specified in a show cause notice are paid in full within thirty days of receipt, reduces the penalty in subsection (5) from twenty five per cent to fifteen per cent, and adds an Explanation deeming certain pending proceedings concluded if duty, interest and applicable penalty are paid within thirty days of presidential assent. Related amendments in sections 112 and 114 cap penalties and set reduced payable penalties where duty and interest are timely paid, and other clauses omit or alter procedural subsections and explanations.
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