| Tax Approved on Imports of Used Vehicles |
ISLAMABAD: The government has approved changes in the payment of duty and tax system for the approval of used vehicles, which are allowed to be imported under three different schemes.
The Cabinet Economic Coordinating Committee (ECC) on Wednesday proposed the import of used vehicles under the Commerce Division’s proposal for personal goods, accommodation transfers and gift schemes that require payment of duty and tax.
Foreign exchange Pakistani nationals presented evidence of foreign remittance conversion in local currency by themselves or local recipients, and in managing foreign remittances required for payment of duties and taxes through local sources.
Any kind of reduction is allowed when in such a situation. A decrease in the value of the rupee or the government raises the import duty and / or tax upon receipt of remittances and before filing good rallies, thereby reducing the amount of payable benefits and taxes received. Is.
The ECC’s decision will help to clear the total 1017 vehicles currently trapped at the Karachi port as either no foreign shipments were received or PKR value was announced before entering or declaring the goods. The amount received was insufficient due to a reduction or increase in the rate. Apply duty in the Finance Act 2019.
On another proposal of the Commerce Division, the ECC approved the ex post to the SRO issued by the Commerce Division on August 21, 2019, under which the implementation of the Standards on Imports of Solar PV Devices in Pakistan 31 Will be extended to august 2019. The SRO was released on May 28, 2019 by the Commerce Division.
The Commerce Division lacks clarity about the documents needed by the Prime Minister in late August to review and implement the issue of several containers stranded at ports between stakeholders, pre-shipment companies and border agencies.
The SRO was issued following a directive to resolve the cause. According to the Federal Cabinet’s decision, the standards were introduced on May 28, 2019.