The Central Board of Revenue (CBR) has given exemption of capital value tax (CVT) on the purchase of six vehicles by the National Rural Support Programme, Islamabad.
The CBR has issued an SRO(I)/2005 to implement the decision. According to the notification, the CBR has exempted this organisation from payment of CVT on purchase of two Master Foreland Truck and four Master Grand Truck.
This is subject to the condition that the vehicles shall exclusively be used for the purpose for which they are being purchased and the same shall not be sold or otherwise disposed of without Board's prior approval.
The CBR has used powers conferred by sub-section (10) of section 7 of the Finance Act, 1989 (V. of 1989) to notify the decision.