ISLAMABAD: The Federal Board of Revenue (FBR) has decided to allow the exemption of duties and taxes on the import of bulletproof vehicles of up to 6,000cc for senior most officials of the armed forces after their retirement.
Sources told Business Recorder here on Friday that the FBR will issue a notification in this regard.
The notification has been vetted by the Law Division and subsequently signed by the competent authority.
According to the sources, the exemption of customs duty, sales tax, withholding tax, and the Federal Excise Duty (FED) would be applicable on the import of bullet proof vehicles of up to 6,000cc by the lieutenant generals, services chiefs, chief of army staff, and chairman Joint Chiefs of Staff Committee (CJCSC), after their retirement.
On the recommendations of the Ministry of Defence, the FBR will allow the exemption of duties and taxes on the import of such vehicles by the said officials on their retirement.
The owners of the vehicles would be required prior permission of the FBR for the sale of such vehicles after their import. If the vehicle is disposed of before five years period, the FBR will recover all applicable duties and taxes applicable at the time of import of such vehicles, the sources added.
Copyright Business Recorder, 2022