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Sat. July 1,
Sunday, July 2, 1972
PENALTY CHARGES FOR IMPORTERS AND EXPORTERS
Importers and exporters were today reminded of their obligation
to lodge trade declarations and pay ad valorem charges, within 14 days
of transacting business on all imports and exports other than those
which are exampted.
A spokesman of the Commerce and Industry Department said
prosecutions will be initiated against those who, without reasonable
excuse, fail to lodge the necessary trade declarations.
Trade declarations submitted outside the prescribed period of
14 days will be liable, without any further notice, to penalty charges
which rise after two months to a maximum of $50 per declaration where
the total value of articles
specified does not exceed $20,000.
Where this value exceeds $20,000, the penalty charges rise
after two months to a maximum of $100 per declaration.
Release time: 3.00 p.m.