ISLAMABAD, Sept 5: The Federal Board of Revenue (FBR) has exempted customs duty and taxes on import of vehicles for manufacturers of export processing zones (EPZs).

The decision was taken vide a customs notification SRO889 of 2007 by amending the customs rules 2001.

The import of vehicles would be allowed without payment of customs duty and other taxes according to the entitlement which was linked with the quantum of investment in the EPZ.

Three vehicles can be imported under this scheme if quantum of investment was in the range of $10 million or more up to $25 million; five vehicles if investment was more than $25 million but less than $50 million; 10 vehicles if investment is equal to or more than $50 million but less than $75 million.

The entitlement of duty-free import of vehicles will be 15 if the investment is equal to or is more than $75 million, but less than $100 million; 20 vehicles in case investment is equal to or more than $100 million, but less than $125 million and 25 vehicles if investment is equal to or more than $125 million.—AFP