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FBR ‘categorically denies’ news of tax exemption for import of bulletproof vehicles

Published

2 years ago

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  • FBR says cabinet had allowed such facility in 2019 but no notification to this effect has been issued so far.
  • PM’s aide Salman Sufi says there is no question of allowing any duty-free imports to any official.
  • It was reported FBR has exempted senior army officers from all taxes on import of bulletproof vehicles.

ISLAMABAD: The Federal Board of Revenue (FBR) on Saturday “categorically denied” issuance of any Statutory Regulatory Order (SRO) that allows ex-military officers to import duty and tax-free bulletproof vehicles.

“FBR categorically denies reports appearing in some sections of media that it has issued an SRO allowing duty-free import of bulletproof vehicles,” the revenue board said in a brief statement.

The tax collection body added that the federal cabinet had allowed such a facility in 2019, however, no notification to this effect has been issued so far.

In a separate statement, PM’s aide Salman Sufi said that there is no question of allowing any duty-free imports to any official.

“Everyone shall pay their fair share of duty when importing any vehicle,” he tweeted.

It was earlier reported that after getting approval from the federal cabinet, the FBR exempted senior army officers from payment of all duties and taxes on the import of bulletproof vehicles of up to 6,000cc after their retirement and a notification will be issued soon.

The report said that the FBR’s Member Customs Policy signed an official notification to this effect on Friday but it was not yet placed on the official website.

However, top official sources confirmed to The News on Friday night that the exemption of Customs Duty, Sales Tax, Withholding Tax and Federal Excise Duty (FED) would be applicable on the import of bulletproof vehicles up to 6,000cc by retired military officials, including Lieutenant Generals, services chiefs, Chief of the Army Staff and Chairman Joint Chiefs of Staff Committee (CJCSC).

The sources confided to The News that the FBR might place the concerned notification on its website any time soon and that all formal requirements were fulfilled after seeking permission from the federal cabinet for allowing this kind of tax exemption.

However, there will be certain conditions attached to this permission. The FBR will allow the exemption of duties and taxes on the import of such vehicles by the said officials on their retirement on the recommendations of the Ministry of Defence.

All four-star generals are permitted to import two vehicles after retirement, according to the report.

The owners of the vehicles would be required to obtain the prior permission of the FBR for the sale of such vehicles after their import.

If the vehicle is disposed of before a five-year period, the FBR will recover all duties and taxes applicable at the time of import of such vehicles, it added.

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Business

PSX surpasses the historical 71,500-point threshold.

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3 days ago

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Investors celebrated as the PSX finally crossed the historic 71,500 point threshold, signalling a critical turning point in the state of the economy in the country.

The KSE-100 index jumped more than 740 points, soaring to a record high of 71,650 points, demonstrating the tenacity and optimism that pervaded the Pakistani financial market.

This outstanding accomplishment indicates strong growth possibilities for the foreseeable future and demonstrates investors’ faith in the nation’s economic prospects.

The Pakistan Stock Exchange (PSX)’s KSE-100 index saw a minor decline of 60.92 points on Friday, or 0.09 percent, and ended the day at 70,483.66 points.

In the foreign exchange market, the US dollar lost value in relation to the Pakistani rupee at the same time.

Currency dealers claim that on the first day of the workweek, the value of the US dollar dropped by 11 paisas to Rs278.20 in the interbank market, significantly strengthening the rupee.

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Outsourcing: Investors from Turkey stop by the airport in Karachi

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3 days ago

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Turkish investors, who are interested in outsourcing Pakistan’s airport industry, sent a high-level team to Karachi Airport.

The domestic arrival and departure lounge at Karachi airport was visited by the Turkish investment group, according to information. The investors were briefed about the workings of the Karachi airport by a delegation of the Civil Aviation Authority, headed by Secretary Aviation Saif Anjum.

An update on the volume of people and business leaving the airport was also provided to Turkish investors. It is anticipated that the delegation would tour the cargo terminal and CAA headquarters today.

The nation’s three main airports, Karachi, Lahore, and Islamabad, were formerly to be outsourced by the federal government.

Interest in outsourcing three of Pakistan’s airports has been expressed by local parties as well as investors from Germany, France, the Netherlands, Qatar, the United Arab Emirates, Malaysia, and Turkiye.

The timeframe for proposal submission for Islamabad International Airport’s outsourcing was extended by the Civil Aviation Authority (CAA) earlier on March 21.

The government’s top objective in the process of outsourcing international airports, according to Prime Minister (PM) Shehbaz Sharif, is openness.

First, he stated that Pakistan is willing to participate in a public-private partnership to outsource a portion of the airport’s commercial activities.

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The inaugural flight of Azerbaijan Airlines is between Baku and Karachi.

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6 days ago

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The national airline of Azerbaijan launched direct flights from Baku to Karachi today. There will be two weekly flights on this route, on Thursdays and Sundays.

The first flight will land in Karachi, and Azerbaijan’s ambassador, Khazar Farhadov, will be there to greet it.

This evening also marks the departure of the inaugural flight from Karachi to Baku, in addition to the arrival of the flight from Baku.

Azerbaijan Airlines said last month that it would be growing its network and flight operations in Pakistan.

Aviation insiders have verified that Azerbaijan Airlines is preparing to launch service to Karachi in the coming month of April.

In addition to its current services in Islamabad and Lahore, the airline plans to launch its Karachi route on April 18, with the inaugural flight anticipated to depart on that date.

Azerbaijan Airlines has been given permission to operate flights on the Karachi route, according to sources within the Civil Aviation Authority (CAA).

Following a bilateral agreement between the two nations, Azerbaijan Airlines has been given permission to extend its operations in Pakistan.

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