February 20, 2007	Tuesday	Safar 2, 1428

ISLAMABAD, Feb 19: The Central Board of Revenue (CBR) has notified procedures for availing the facility of customs duty exemptions on import of raw material and machinery.

The decision was notified through a customs notification issued here on Monday by amending the SRO575 of 2006.

The exemption would be available on those imported goods, which are not listed in the locally manufactured items, as notified through a Customs General Order issued by the Central Board of Revenue from time to time or, as the case may be, certified as such by the Engineering Development Board.

According to the amendments, this condition shall not be applicable to the goods imported by the specified sectors — equipment, machinery and other necessary items for setting up hospitals and medical or diagnostic institutes; hotels, tourism, sporting and other recreation services, chain stores and pre-fabricated buildings.

According to the notification, the eligible importers are approved by the ECC for availing this facility. The exemption shall be available on one time basis for setting up new projects and expansion of existing ones, and shall not be available on the spare parts; and goods shall not be sold or otherwise disposed of without the prior approval of the CBR and the payment of customs-duties and taxes at statutory rates be leviable at the time of import, and breach of this condition shall be construed as a criminal offence under the Customs Act, 1969.