The Central Board of Revenue (CBR) has reduced, up to 50 percent, customs duty on import of 1350 cc cars. The CBR issued SRO (I)/2005 here on Wednesday to implement the decision. According to the notification, the CBR has exempted motor cars of engine capacity up to 1350 cc from so much of the duty as in excess of 50 percent, if imported by manufactures or assemblers having the manufacturing or assembling facility for motor cars.
They will also submit an undertaking to locally manufacture or assemble such imported cars of 1350 cc within a period of two years, failing which they will pay the differential amount of duties and taxes.
The Economic Co-ordination Committee (ECC) of the Cabinet has reduced duty on the import of 1350cc cars to 50 percent in an effort to bridge the gap between demand and supply.
In the 2004-05 budget, duty on the import of cars up to 1300 cc was reduced to 50 percent from 75 percent. Duty on cars between 1300 and 1600 cc was 75 percent in the 2004-05 budget. The reason for the decision is that some car manufactures wanted to import 1,350 cc cars under complete production unit conditions, officials added.
Comments
Comments are closed.