Concessionary customs duty for import of plant, machinery and equipment by the manufacturing industry, tourism related projects, hotels and relocated industrial plants.

GOVERNMENT OF PAKISTAN MINISTRY OF FINANCE AND ECONOMIC AFFAIRS, STATISTICS & REVENUE (REVENUE DIVISION) *** Islamabad, the 12th June, 2004. NOTIFICATION (CUSTOMS) S.R.O. 455 (I)/2004. - In exercise of the powers conferred by section 19 of the Customs Act, 1969 (IV of 1969), and in supersession of its Notification No. S.R.O. 439(I)/2001, dated the 18th June, 2001, the Federal Government is pleased to exempt, - (i) plant, machinery and equipment, not manufactured locally, imported by the manufacturing industries, in excess of five per cent customs duty leviable under the First Schedule to the Customs Act, 1969 (IV of 1969); (ii) plant, machinery and equipment, not manufactured locally, imported by tourism, hotels and tourism related projects, in excess of five per cent customs duty leviable under the First Schedule to the Customs Act, 1969 (IV of 1969); (iii) relocated complete industrial plants from customs duty as is in excess of five per cent leviable under the First Schedule to the Customs Act, 1969 (IV of 1969); and (iii) plant, machinery and equipment, imported under Notification No.1[ S.R.O. 27(I)/98, dated 17th January,1998, S.R.O.369(I)/2000, dated 17th June,2000] and S.R.O.439(I)/2001,dated 18th June,2001 under the category of export industry and having failed to achieve targets of exports as specified or exercises the option to forego the benefit of duty concession at post import stage, in excess of customs duty at the rate of one per cent per year of default with a maximum of five per cent of dutiable value at the time of import provided the period of import is equal to or more than five years. In case where period of import is less than five years, in excess of five per cent duty, less one per cent per year for each non-defaulting years. This shall be considered full and final discharge of the entire liabilities: 1[Provided further that the aforesaid facility of concessionary rate of duty shall be available till the 31st March,2005. Thereafter, the importers shall pay statutory rate of duty alongwith penalties as per conditions of relevant Notifications under which concession on imports had been availed.] [C.No.1/6/Mach./2004] (MUHAMMAD RAMZAN) ADDITIONAL SECRETARY As amended: 1. Substituted vide S.R.O.734(I)/2004 dated 28.08.2004