Hotel development plan delayed; Triple Tree Associates offers conditional surrender of concessions availed

KARACHI: The Triple Tree Associates has offered to the Collectorate of Customs PaCCS to conditionally surrender the benefits in form of taxes/duty concessions availed under serial No. 8 of SRO 575(I)/2006, as their plan to setup a 5-star hotel in Karachi has been delayed.
The company has offered a payment of Rs26.635 million which as per their calculation were in excess of 5.0 percent duty taxes paid and had there been no exemption, Triple Tree had to pay this amount additionally on 17 Goods Declarations (GDs).
According to details, Triple Tree Associates proposed to set up a 5-star hotel in Karachi and availed concessions under the above mentioned SRO on import of machinery, equipment and other items.
However, on account of law and order situation in Karachi and the load shedding, the hotel operators, Sofitel Chain of Hotels refused to continue their support.
Triple Tree is presently in a process of finding a hotel operator. Therefore, in response to demand created by the customs authorities as the building is not being used as hotel within the meaning of said SRO, Triple Tree offered to pay the normal duties.
In case if the building is used for hotel or recreational services, the company would file refund from the Collectorate of Customs.
MCC PaCCS has accepted the offer and is conducting verification of the payment offered by the importer.

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