Sportsmen allowed tax holiday on temporary import

Sportsmen allowed tax holiday on temporary import

ISLAMABAD: Sportsmen – participating in an international event – have been allowed tax holiday o import of professional and technical apparatus with condition of re-export of those things within stipulated time period.

Sources in Federal Board of Revenue (FBR) on Tuesday said that the exemption from income tax, sales tax and customs duty has been allowed through Tax Laws (Amendment) Ordinance, 2021, which was recently promulgated through presidential order.

Customs duty has been reduced to zero percent on temporary import of professional and technical apparatus or equipment or instruments imported by foreign nationals, experts and athlete etc. participating in an international event (including but not limited to sports events) or under any international arrangement for use solely during such event or arrangement provided:

(a) it is endorsed on the passports of importer.

(b) The goods allowed for temporary admission shall be identified at the time of import and subsequent re-export

The condition of furnishing undertaking or bond by such foreign nationals has been made inapplicable.

Goods temporarily imported into Pakistan by international athletes or sportsmen, which would be subsequently taken back by them within 120 days have been allowed exemption from sales tax as well as income tax at import stage.

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