The Federal Board of Revenue has reduced customs duty for one-year on motorcycles and different categories of components used in motorcycle industry. It also reduced additional customs duty on the import of motorcycle components from 32.5 percent to 28.75 percent. In this connection, the FBR has issued four notifications here on Monday. The reduction in duty has been made for a period of one year, sources added.
According to SRO.1404(I)/2012, the FBR has exempted so much customs-duty, leviable in the First Schedule of the Customs Act, on import of completely built up (CBU) motorcycles and components thereof for assembly or manufacture of motorcycles in any kit form, classified under Pakistan Customs Tariff heading 87.11, as are in excess of 57.5% for a period of one year.
Through another SRO.1403(I)/2012, the FBR has reduced additional customs duty on sub-components and components imported as part of any kit form for the assembly or manufacturing of motorcycles classifiable under respective Pakistan Customs Tariff Headings mentioned in the SRO.693(I)/2006 dated July 1, 2006. The SRO.1403(I)/2012 has amended the SRO.693(I)/2006 which deals with the imposition of the additional customs-duty on the import of sub-components and components used in manufacturing of motorcars and motorcycles.
Under SRO.1402(I)/2012, the FBR has amended SRO.656(I)/2006 relating to the concessionary rate of duty on the import of components (which include sub-components, components, sub-assemblies and assemblies but exclude consumables), imported in any kit form, and direct materials for assembly or manufacture of vehicles falling under Chapter 87 of the First Schedule of the Customs Act.
The SRO.1402(I)/2012 has reduced customs duty on the import of components used in the assembly and manufacture of motorcycles. The FBR has exempted components imported in any kit form, for assembly or manufacture of motorcycles falling under Chapter 87 of the First Schedule of the Customs Act in excess of 10 percent duty. The FBR has also issued SRO.1401(I)/2012 to amend SRO.655(I)/2006 dated June 22, 2006. Under this notification, the FBR has reduced customs duty on raw materials, sub-components, components and sub-assemblies, as are not manufactured locally, imported for the manufacture of components and assemblies of motorcycles.
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