Thursday, 18 August 2022
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TAXATION

China-Pakistan Economic Corridor project: Chapter added by FBR in the customs law

The Federal Board of Revenue (FBR) on Friday introduced the China-Pakistan Economic Corridor (CPEC) chapter in the Customs Law to provide investors with tax incentives and exemptions under CPEC projects.

In this regard, the FBR has issued the Gwadar Tax Free Zones Rules 2021, which defines tax exemptions, incentives, and tax incentives available to investors under the CPEC project. The new chapter, CPEC Customs Rules 2001, has been introduced through SRO 264 (I) / 2021, which was released here on Friday.

According to the Gwadar Tax Free Zone Rules, 2021 issued here on Friday, the investor will file the declaration of goods, or a clearing agent will be legally authorized. Imported goods in the free zone will be inspected and evaluated in accordance with the provisions of the Customs Act, 1969 and the rules made under it.

Exemptions granted under the Customs Act and the Gwadar Port Authority Ordinance, 2002 apply to plant, machinery, equipment, supplies, and equipment fully utilized within the limits of a free zone, and goods imported into the zone by investors. Provided that the plant, machinery, equipment and tools, including imported capital goods, maintained for a period of at least five years from the date of import.

Under the regulatory mechanism, concessions for construction, development and operation of Gwadar Port and Free Zone Area and operating company will allow to import duty and tax free vehicles.

The investor providing the logistics services may import vehicles and goods as per the requirements. Which are free of taxes and duties. The rules further state that the concession holder, his operating companies and contractors / subcontractors may import goods and equipment (plant, machinery, equipment and accessories), especially for the construction and operation of terminals and free zone area. Goods are subject to declaration.

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