ISLAMABAD, Aug 3: The Central Board of Revenue has recommended to the government not to revise downward the fixed duty and taxes on imported vehicles in dollar terms what they believed were calculated according to the market prices.
Customs officials told Dawn on Monday that following the re-working of the fixation of amount of duties and taxes on imported vehicles in collaboration with stakeholders (car dealers and importers), no major difference in the value was found.
According to the officials, final decision to this effect would be announced by the Senate sub-committee on the issue. They said that the scheme announced in the CGO was optional for importers of new cars. However, it will be compulsory for getting depreciation on import of used vehicles under the baggage and transfer of residence schemes by overseas Pakistani.
The government had reduced the depreciation value through the CGO from 50 per cent to around 20 per cent on import of used cars, particularly in the case of cars under the baggage schemes by overseas Pakistani.
The officials said that any revision in the depreciation value would be announced at the recommendation of the committee. A customs general order (CGO) No 6 was issued on July 9 for fixation of duties and taxes in dollar terms on imported vehicles and reduction of depreciation on import of used cars.
