KARACHI: The government has allowed free of duty and taxes on import of up to 25 motor vehicles to an investor making investment $125 million and above in export processing zones.
According to Customs Rules, 2001, the import of vehicles shall be allowed without payment of customs duty and other taxes as per the entitlements given below:
- US$ 10.00 million or more upto US $ 25 million: three motor vehicles
- More than US $ 25 million but less than US $50 million; five motor vehicles
- Equal to or more than US $50 million but less than US $75 million: 10 motor vehicles
- Equal to or more than US $75 million but less than US $100 million: 15 motor vehicles
- Equal to or more than US $100 million but less than US $125 million: 20 motor vehicles
- Equal to or more than US$ 125 million: 25 motor vehicles
The rules said that the exemption is subject to a maximum of one motor car of up to 1600 c.c within the number of vehicles allowed and shall be further subject to the verification of the amount of investment and completion of the project within a time period of three years by the Export Processing Zone Authority.
Units employing up to 25 workers will be allowed to import or purchase one coaster while units employing more than 25 will be allowed to import or purchase a bus up to 50 seats.
Similarly, units with turnover of US$ 5 million or more per annum will be allowed to import or purchase one cargo vehicle or truck.
