The Federal Board of Revenue (FBR) has decided not to impose additional customs duty on the import of machinery/equipment, helicopters, aircraft, drilling bits, drilling and seismic vessels, drilling rigs, specialised vehicles by petroleum and exploration companies, their contractors and service companies for offshore projects with effect from August 18, 2018.
The FBR has allowed this retrospective exemption on the imports made by petroleum and exploration companies through an SRO 905(I)/2019 issued here on Monday. From August 18, 2018, the additional customs duty would not be applicable on the import of import machinery, equipment, helicopters, aircraft, drilling bits, drilling and seismic (on shore or off shore) vessels, drilling rigs, specialised vehicles which fall under PCT heading 87.05 including accessories and spares, that are part of such vehicles and vessels for the purpose of construction, erection, exploration and production of petroleum projects.
According to another notification SRO 904(I)/2019, all petroleum sector companies, corporations and organisations including their contractors and sub-contractors and service companies shall be entitled to import machinery, equipment, helicopters, aircraft, drilling bits, drilling and seismic (onshore or offshore) vessels, drilling rigs, specialised vehicles which fall under PCT heading 87.05 including accessories and spares, that are part of such vehicles and vessels (with effect August 18, 2018) for the purpose of construction, erection, exploration and production of petroleum projects on an import-cum-export basis without payment of duties and taxes against a corporate guarantee valid for a period of two years equal to the value of import duties and taxes exempted.
Comments
Comments are closed.