A very liberal clause has been introduced in the amnesty scheme of the Federal Board of Revenue (FBR) to legalise any old vehicle above 6 years of age on payment of minimum duty and taxes of Rs 100,000 on the basis of 5 percent deprecation allowed per year.
According to SRO.172(1)/2013 issued here on Wednesday, for all other vehicles (not covered under SRO 577(I)/2005) above 6 years of age, further depreciation shall be allowed @ 5 percent per year subject to minimum duty and taxes amounting to Rs 100,000.
The Federal Government has directed that smuggled or non-duty paid motor vehicles, having non-tampered engine or chassis numbers, which have been seized or voluntarily presented to Customs on or before the 31st March, 2013, shall be allowed release on payment of redemption fine along with duty and taxes:
Firstly, for vehicles of Pakistan Customs Tariff (PCT) heading 87.03 falling under SRO 577(1)/2005, dated the 6th June, 2005, duty and taxes shall be calculated in US Dollar by allowing depreciation @1% per month calculated from the 1st day of January subsequent to the year of manufacture as provided in CGO No 14/2005 dated the 6th June, 2005, with a maximum depreciation up to 60 percent. Secondly, for all other vehicles, duty and taxes shall be calculated on depreciated C and F value @ 1 percent per month calculated from the 1st day of January subsequent to the year of manufacture as provided in CGO No 14/2005, dated the 6th June, 2005 upto a maximum depreciation of 72 percent.
Thirdly, for vehicles covered under Notification No S.R.O.577(I)/2005 dated the 6th June, 2005 above five years of age, further depreciation shall be allowed in payable duty and taxes @ 5 percent per year subject to minimum duty and taxes amounting to $500 (or equivalent amount in Pak rupees).
Fourthly, for all other vehicles above 6 years of age, further depreciation shall be allowed @ 5 percent per year subject to minimum duty and taxes amounting to Rs 100,000. The redemption fine shall be chargeable to 1 percent of the payable duty and taxes, provided that the customs duty and other taxes along with redemption fine so levied thereon are paid on or before the 31st March, 2013, it said.
Comments
Comments are closed.