29 August 2004	Sunday	12 Rajab 1425

ISLAMABAD, Aug 28: The government has further introduced amendments in the budgetary SRO460 for facilitating mineral exploration and extraction companies.

The amendments were notified through a customs notification issued on Saturday.

According to the amendments, the government also exempted mineral exploration and extraction companies and their authorized operators and contractors from customs duty and sales tax on import of machinery, equipment, materials, specialized vehicles (4X4 non-luxury), accessories, spare parts, chemicals and consumables, not manufactured locally.

Exemption to mineral exploration and extraction companies shall be admissible only to such companies who hold permits, licences, leases and who enter into agreements with Government of Pakistan and now also with provincial government.

The mineral exploration and extraction companies and now also their authorized operators and contractors for the above phases may import equipment, specialized vehicles on an import-cum-export basis against a corporate guarantee equal to the value of import duties and sales tax that would have otherwise payable on import as per project phase.

Should the goods not be exported on the conclusion of the project or transferred with the approval of the relevant Regulatory Authority to another duty free mining company then the company shall be liable to pay customs-duty and sales tax chargeable at the time of importation.