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of <h1>Customs Act Amendment: Section 61 Revises Storage Timeframes and Introduces Up to 18% Interest on Extended Warehousing.</h1> Section 61 of the Customs Act is amended to reclassify it as subsection (1). In this subsection, the time periods 'three years' and 'one year' are changed to 'one year' and 'three months,' respectively, except in one specified instance where 'one year' is changed to 'six months.' A new subsection (2) is added, stating that if warehoused goods remain beyond the specified period due to an extension or other reasons, an interest rate up to eighteen percent per annum will apply on the duty amount from the expiry of the specified period until the goods are cleared.
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