ISLAMABAD: Additional Secretary Ministry of Finance, Economic Affairs, Statistics & Revenue Division Muhammad Zahid issued a notification to grant tax exemptions to used vintage or classic cars and jeeps.
The notification stated that in exercise of the powers conferred by section 19 of the Customs Act, 1969 (IV of 1969), section 16 of the Federal Excise Act, 2005, clause (a) of sub-section (2) of section 13 of the Sales Tax Act, 1990 and sections 148 and 53 read with the Second Schedule to the Income Tax Ordinance, 2001 (XLIX of 2001), the federal government is pleased to exempt vintage or classic cars and jeeps meant for transport of persons on the import thereof from so much of the customs-duty, regulatory duty, additional customs duty, federal excise duty, sales tax and withholding tax as are in excess of the cumulative amount of $5000 per unit.
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The notification further clarified that vintage or classic cars and jeeps mean old and used automotive vehicles, falling under PCT Code 87.03 of the First Schedule to the Customs Act, 1969 (IV of 1969), manufactured prior to the 1st January, 1968.
