KARACHI: The Federal Board of Revenue (FBR) has allowed re-export materials and equipments, not manufactured locally, if imported for Construction and Operation of Gwadar Port and development of Free Zone for Gwadar Port.
FBR had exempted import of such materials and equipments from the whole of customs duty for a period of 40 years vide SRO 327(I)/2007.
SRO 672(I)/2019 provides that the goods shall not be sold or otherwise disposed of without prior approval of the FBR. In case such goods are sold or otherwise disposed of after ten years of importation thereof, the same shall be subject to payment of duties and taxes as prescribed by the FBR.
In case these goods are sold or otherwise disposed of without prior approval of the FBR or before the period of ten years from the date of importation thereof, the same shall be subject to payment of statutory rates of duties and taxes as were applicable at the time of import.
These goods shall, however, be allowed to be transferred to other entitled projects of the sector, with prior approval of the FBR, subject to payment of duties and taxes, if applicable.
The re-export of these goods may also be allowed subject to prior approval of the Chief Collector of Customs provided that the aforesaid condition shall not apply to Ship Bunker Oils.”.