Exemption from Customs Duty and Sales Tax on Old and Used Construction Machinery Including Construct

EXEMPTION FROM CUSTOMS DUTY AND SALES TAX ON OLD AND USED CONSTRUCTION MACHINERY INCLUDING CONSTRUCTION VEHICLES OWNED BY A PAKISTANI CONSTRUCTION COMPANY FOR ITS OVERSEAS CONSTRUCTION ACTIVITIES. 34[Notification No. S.R.O. 509(I)/88, dated 26th June, 1988.--In exercise of the power conferred by section 19 of the Customs Act, 1969 (IV of 1969), and sub-section (1) and (2) of section 7 of the Sales Tax Act, 1951 (III of 1951), and in supersession of this Ministry's Notification No. SRO 514(I)/84, dated the 14th June, 1984, the Federal Government is pleased to exempt old and used construction machinery, including construction vehicles falling under sub-heading Nos. 8705.1000, 8705.2000, 8705.4000 and 8705.9000 of the First Schedule to the Customs Act, 1969 (IV of 1969) owned by a Pakistani construction company for its overseas construction activity from so much of the customs duties as are in excess of 20 per cent ad valorem and the whole of the sales tax chargeable thereon, subject to the following conditions, namely;-- the construction machinery has been rendered surplus on completion of the overseas projects undertaken by the Pakistani construction company, and the overseas projects were duly vetted and approved by, and regular accounts of these projects have been submitted to the State Bank of Pakistan 34. Reported as PTCL 1988 St. 666