Used vehicles' import: depreciation rate enhanced

The Federal Board of Revenue (FBR) has announced enhancement in maximum limit of depreciation for trucks, agricultural tractors, buses and vans from current 50 percent to 60 percent for the assessment of duties and taxes on the import of such vehicles.
In this regard, the FBR on Saturday amended Customs General Order (CGO) No 14/2005, dated June 6, 2005 through CGO 4 of 2011 issued here on Saturday. According to the new CGO, "the depreciation in the assessable value, for the purpose of assessment on the import of used/second-hand vehicles ie, trucks, agricultural tractors, buses and vans shall be allowed at the rate of 2 percent per month for each completed month, calculated from the date of first registration abroad up to the date of entry into Pakistan, subject to a maximum of 60 percent".