ISLAMABAD, July 30: The federal government has allowed depreciation on all categories of vehicles as against the previous practice of allowing depreciation to only luxury vehicles of above 1800cc.

Tax officials told Dawn on Friday that in this backdrop, the government has taken necessary measures by notifying a fresh scheme, what they believed based on an equitable, transparent, and competitive parameters through CGO.

They said that the new scheme, therefore, not only benefits the genuine overseas Pakistanis importers but also ensures a fair competition between the local industry and the imports of small to medium vehicles of less than 1800cc.

Moreover, the new scheme provides depreciation of old level 50 per cent to about five years old vehicles, which they said are genuinely imported by Overseas Pakistani under the Transfer of Residence Scheme.

The new scheme also provides for payment in fixed amount of duty and taxes in US dollar or equivalent rupees and thereby putting an end to manipulations in assessment by uniform application throughout the country.

Doing away with the discretionary powers of customs assessing officers at different dry ports/ customs stations will facilitate the genuine overseas Pakistani importers through hassle free expeditious clearance.