ISLAMABAD, Aug 30: The government has exempted from customs duty buses in CKD conditions to be imported through the Small and Medium Enterprises Development Authority (Smeda).
The customs duty will be exempted leviable under the first schedule to the customs act on these buses whether CNG or diesel subject to the following conditions, said a customs notification issued on Monday.
"The import of CKD buses should be made through the Small and Medium Enterprises Development Authority; the importer shall, at the time of import of such CKD buses, make a written declaration on the bill of entry to the effect that the CKD buses have been imported under this notification with exemption from payment of customs duty leviable under the first schedule to the Customs Act, 1969.
"The exemption on such CKD buses shall be granted only if it is covered by a special serially-numbered certificate issued by Smeda addressed to the collector of customs, indicating the required detailed particulars; Smeda shall specify the quantities and particulars of components in such knocked down condition as are in accordance with the approved deletion programme.
"The importer shall, at the time of import, submit an indemnity bond in the form as set out by the CBR, undertaking that the CKD buses shall be used for the sole purpose as specified by Smeda; the CKD buses imported under this notification with exemption from payment of customs duty through Smeda shall not be transferred to any other person or company except after obtaining necessary permission from Smeda.
"The importer shall within one year of filing of bill of entry (for home consumption or ex-bond), apply to the collector of customs for discharging indemnity bond supported with a consumption certificate issued by the concerned assistant collector of sales tax and central excise and in case of breach of the conditions of this notification, the collector of customs shall enforce indemnity bond, and take such penal action as he may deem fit under the Customs Act, 1969."
