(CUSTOMS) SRO 455 (I)/2004

Text of (CUSOTMS) SRO 455 (I)/2004.

GOVERNMENT OF PAKISTAN
MINISTRY OF FINANCE, ECONOMIC AFFAIRS,
STATISTICS AND REVENUE
(REVENUE DIVISION)

Islamabad, the 12th June, 2004

NOTIFICATION
(CUSTOMS)
SRO 455 (I)/2004. -In exercise of the powers conferred by section 19 of the Customs Act, 1969 (IV of 1969), and in supersession of its Notification No.SRO 439(I)/2001, dated the 18th June, 2001, the Federal Government is pleased to exempt, -
(i) plant, machinery and equipment, not manufactured locally, imported by the manufacturing industries, in excess of five per cent customs duty leviable under the First Schedule to the Customs Act, 1969 (IV of 1969);
(ii) plant, machinery and equipment, not manufactured locally, imported by tourism, hotels and tourism related projects, in excess of five per cent customs duty leviable under the First Schedule to the Customs Act, 1969 (IV of 1969);
(iii) relocated complete industrial plants from customs duty as is in excess of five per cent leviable under the First Schedule to the Customs Act, 1969 (IV of 1969); and
(iv) plant, machinery and equipment, imported under Notification No. SRO 439(I)/2001, dated the 18th June, 2001, under the category of export industry and having failed to achieve targets of exports as specified or exercises the option to forego the benefit of duty concession at post import stage, in excess of customs duty at the rate of one per cent per year of default with a maximum of five per cent of dutiable value at the time of import provided the period of import is equal to or more than five years. In case where period of import is less than five years, in excess of five per cent duty, less one per cent per year for each non-defaulting years. This shall be considered full and final discharge of the entire liabilities.
[C.No.1/6/Mach./2004]
(MUHAMMAD RAMZAN)
Additional Secretary
Copyright Business Recorder, 2004