Karachi: The Federal Board of Revenue (FBR) has made amendment in Customs General Order for concession on imported machinery which used to set up new power units.
A circular said, “Condition of local manufacturing appearing in Part-I of Fifth Schedule to the Customs Act, 1969 and Sixth Schedule of the Sales Tax Act, 1990 shall not apply on import of machinery, equipment and other capital goods imported as plant for setting up of a new power unit, provided the imports are made against valid contract (s) or letter (s) of credit.”
The FBR said that the total C&F value of such imports for the project is $50 million dollar or above with the exception shall be only for those power projects which are on IPP mode meant for supply of electricity to the national grid.