ISLAMABAD, Aug 8: The Central Board of Revenue (CBR) has scaled down customs duty to 5 per cent on import of Euro-II (+) buses and done away with the condition of seeking no objection certificate (NOC) from the Oil and Gas Regulatory Authority (OGRA) for the import of CNG equipment and machinery.

The decision was announced through a customs notification issued on Monday by amending the budgetary notification of SRO575 of 2005.

Through the same notice, the government has exempted customs duty on raw materials, sub-component, sub-assemble of the Euro-II (+) buses conforming to emission control standards.

The chief executive of the importing CNG company having a valid license from OGRA shall certify in the prescribed manner and format as per annex-A that the imported items are of approved models, brands, as are covered in the customs general order, it said

This concession shall remain valid upto June 30, 2006 subject to the condition (iii) of this notification, it added.

Besides the chief executive officer of the importing CNG company, the government also authorized any other person or persons authorized by him of seeking exemption.