The Federal Board of Revenue (FBR) will issue a notification to grant exemption of duties and taxes on the import of plant/machinery pertaining to an old case of Chakwal Cement. Through another notification, the board will exempt duties/taxes on the import of equipment for construction of an auditorium by Dawat-ul-Hadiya.
Sources told Business Recorder on Thursday that the Economic Co-ordination Committee (ECC) of the Cabinet has directed the FBR to issue necessary notifications in this regard.
Sources said that the ECC had approved exemption of duties and taxes in line with the rescinded SRO 978(I)/95 of October 4, 1995 in case plant and machinery are ex-bonded during 2002 by the said company. This is an old case of the company, which would now be settled by the board.
The ECC had also decided that the Dawat-ul-Hadiya may be exempted from the requirement of registration as a religious and charitable organisation to qualify for exemption from duties/taxes under Section 2(36) of the Income Tax Ordinance 2001. The FBR would issue exemption orders following directive of the ECC, sources added.