ISLAMABAD: Federal Board of Revenue (FBR) has given duty concessions to the manufacturers of motorcycles by issuing SRO.939(I)/2013 and SRO.940(I)2013. The FBR will not charge the additional customs-duty on sub-components and components, imported in any kit form by a new entrant assembler or manufacturer of motorcycles in Pakistan. Through these notifications, FBR has amended SRO 656(1)/2006, dated June 22, 2006 and SRO 693(I)/2006, dated July 1, 2006. According to SRO 939(I)/2013, in line with the new entrant policy for motorcycle manufacturing industry with new technology notified by Ministry of Industries and Production vide Notification No 4-1/2013/LED-II-(Vol-III), dated the September 26, 2013, the additional customs-duty leviable under this notification shall not be charged on sub-components and components, imported in any kit form by a new entrant assembler or manufacturer, for assembly or manufacturing of motorcycles classified under Pakistan Customs Tariff (PCT) heading 87.11 specified for a period of five years from the start of assembly or manufacturing with new technology. This is subject to the fulfillment of certain conditions.
Amid Hormuz instability, attention shifts to Pakistan’s Gwadar port
GWADAR: Iran has closed and reopened the Strait of Hormuz several times since the US-Iran war began in February. When...
