ISLAMABAD: Federal Board of Revenue (FBR) has allowed exemption from regulatory duty to the tune of Rs9.4 billion on import of vehicles during outgoing fiscal year.
According to official documents, the revenue body granted exemption from regulatory duty under SRO 640(I)/2018 and SRO 1265(I)/2018 on import of vehicles by new entrants.
The FBR allowed regulatory duty exemption of Rs6.46 billion under SRO 1265(I)/2018. The FBR issued details of the exemption of regulatory duty under this SRO granted under Para 2 of SRO for import under SRO678-2004, Fifth Schedule, Chapter 99, SRO 492-2009, 565-2006, import of vehicles by new entrants.
Another amount of Rs2.93 billion granted as exemption from regulatory duty under SRO 640(I)/2018. Giving description, the FBR said that exemption of RD was given under Para 2 of the SRO for imports under SRO 678-2004, Fifth Schedule, Chapter-99, SRO 492-2009, 565-2006, import of Vehicles by new entrants, etc.