ISLAMABAD: The Finance Ministry has declared the permission of the Federal Board of Revenue (FBR) necessary for the sale of any item imported under the concessional regime announced for Gwadar Port and related projects.
In the Finance Bill, 2016-17, the government announced a 40-year tax concessional regime for the material and equipment to be used in construction and operation of Gawadar Port and development of free Zone for as imported by or supplied to China Overseas Ports Holding Company Limited (COPHCL) and its operating companies.
In this regard, only China Overseas Ports Holding Company Pakistan (Private) Limited, Gwadar International Terminal Limited, Gwadar Marin Services Limited and Gwadar Free Zone Company Limited, their contractors and sub-contractors, and Ship Bunker Oils bought and sold to the ships calling on/visiting Gwadar Port, having concession agreement with the Gwadar Port Authority have been allowed to enjoy the tax concessionS.
A well placed source at FBR, told Customs Today that this exemption would be admissible only to China Overseas Ports Holding Company Limited (COPHCL) and its operating companies, their contractors and subcontractors which hold the concession agreement;
In this regard, the source said that Ministry of Ports and Shipping would certify in the prescribed manner and format as per that the imported materials and equipments are bonafide requirement for construction and operation of Gawadar Port and development of Free Zone for Gawadar Port.
“The authorized officer of that Ministry shall furnish all relevant information online to Pakistan Customs against a specific user ID and password obtained under section 155D of the Customs Act, 1969 (IV of 1969)” the source further added .
However, the source said that non computerized Collectorate or Customs station, where the computerized system is not operational, the project director or any other person authorized by the Collector in this behalf shall enter the requisite information in the Customs Computerized System on daily basis, “whereas entry of the data obtained from the customs stations which have not yet been computerized shall be made on weekly basis, provided that this condition shall not apply to ship bunker oils” the source added saying that goods so imported would not be sold or disposed of without prior approval of the FBR and payment of sales tax leviable at the time of import, provided that this condition shall not apply to ship bunker oils.
