Customs duty for motor vehicle kits of new models reduced to 15pc

Customs duty for motor vehicle kits of new models reduced to 15pc

ISLAMABAD: Federal Board of Revenue (FBR) has reduced the customs duty to 15 per cent for components for assembly / manufacture in any kit form has been reduced to 15 per cent.

FBR issued SRO 2069 (I)/2022 dated December 1, 2022 and amended SRO 656(I)/2006 dated June 22, 2006.

According to the new SRO, cars of PCT heading 87.03 up to 1000CC (excluding specially designed twin cabin type taxi PCT heading 8703.3227 and 4-stroke auto rikshaw of PCT heading 8703.2115, mini vans and 4X4 vehicles, the import of components for assembly / manufacture in any kit form, the rate of duty shall be 30 per cent but 15 per cent for new make or mode as certified by Engineering Development Board (EDB) for three years from the date of issuance of manufacturing certificate or up to June 30, 2026, whichever is earlier.

However, the rate of customs duty shall be 30 per cent for imported components for assembly / manufacture in any kit form for cars of PCT heading 87.03 exceeding 1000CC (excluding specially designed twin cabin type taxi PCT heading 8703.3227 and 4-stroke rickshaw of PCT heading 8703.2115, mini vans and 4X4 vehicles.

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