Flat rate notified on import of vintage, classic cars

ISLAMABAD: The Federal Board of Revenue (FBR) has issued a formal notification for exempting vintage or classic cars and jeeps from various duties that are in excess of a cumulative amount of $5,000.

Earlier in the budget announcement for fiscal year 2018-19 at the end of April, the government had said that it would impose a flat duty of $5,000 on the import of vintage or classic cars and jeeps. A formal notification was issued by the FBR on July 3.

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“The federal government is pleased to exempt vintage or classic cars and jeeps meant for transport of persons on the import thereof from customs duty, regulatory duty, additional customs duty, federal excise duty, sales tax and withholding tax as are in excess of the cumulative amount of US dollars five thousand per unit,” said the FBR notification.

The duties have been exempted in exercise of the powers of the Customs Act 1969, Federal Excise Act 2005 and Sales Tax Act. However, it clarified that vintage or classic cars and jeeps mean old and used automotive vehicles, falling under PCT Code 87.03 of the First Schedule to the Customs Act 1969 (IV of 1969), manufactured prior to January 1, 1968. APP


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    Original news : https://tribune.com.pk/story/1749763/2-flat-rate-notified-import-vintage-classic-cars/