The depreciation in the assessable value, for assessment of duties/taxes on the import of second hand vehicles, would be allowed at the rate of 1% per month, calculated from the date of first registration of vehicle abroad upto the date of its entry into Pakistan.
The FBR on Wednesday amended the customs general order (CGO) No 14/2005 through a CGO 1 of 2009 to clarify the decision of reduction in depreciation from two to one percent on import of old and used vehicles by overseas Pakistanis.
According to the CGO 1 of 2009, the depreciation in the assessable value, for the purpose of assessment on the import of used/second hand vehicles falling under Pakistan Customs Tariff (PCT) heading 87.03 shall be allowed at the rate of 1% per month for each completed month, calculated from the date of first registration abroad upto the date of entry into Pakistan, subject to a maximum of 50 percent, the CGO added.
The depreciation in the duties and taxes at the rate of one percent per month in payable amount, as per cumulative scales, will be allowed subject to a maximum of 50 percent as per Customs General Order.
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