GWADAR: To facilitate investors, the Federal Board of Revenue (FBR) has released Gwadar Tax-Free-Zones Rules 2021.
Under the new rules, the investors and companies will be liable to pay taxes and duties on the exempted imported machinery if they are disposed of before the prescribed limit of five years.
The relief from tax and duties was granted to the plants, machinery, and equipment related to the construction sector under the Customs Act and Gwadar Port Authority Ordinance, 2002. The imported equipment is to be specifically used in the boundaries of the free zone. For the importation of equipment and machinery, a declaration along with other documents has to be filed with the relevant authorities who after examination will grant the exemption under the Customs Act, 1969.
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