New rules unveiled: Goods imported for STZs must be retained for 10 years: FBR

ISLAMABAD: The goods imported for the Special Technology Zones (STZs) have to be retained for a period of at least 10 years and cannot be sold without prior approval of the Federal Board of Revenue (FBR).

The FBR has issued Special Technology Zones Rules 2023 through an SRO. 744(I)/2023 issued on Monday.

Under the FBR’s conditions on the STZs, the tax benefits shall be provided only if import thereof is made for a period of 10 years commencing from the date of signing of the development agreement or issuance of license, as the case may be, for consumption within zones by the eligible importers under these Rules.

The goods on which duty/tax exemption has been availed shall be solely used within the limits of a Special Technology Zone and shall not be disposed of except with the prior approval of the FBR.

No exemption shall be allowed to an enterprise which does not hold a valid license issued by the developer of a Special Technology Zone and which is not registered under the Customs Computerised System through a unique user ID.

Copyright Business Recorder, 2023