Withdrawal of CVT on vehicle import notified

The Central Board of Revenue (CBR) has abolished capital value tax (CVT) on the import of vehicles effective June 9. According to a notification issued on Wednesday, the CVT has been withdrawn on the import of vehicles with retrospective effect ie June 9, 2007.
Earlier, the CVT was withdrawn on motor vehicles with effect from June 18, but later it has been done retrospectively. Any CVT paid during June 9-18 would be refunded to the taxpayers, officials added. It is important to mention that the CVT was merged into customs duty on the import of cars in budget 2007-2008.