ISLAMABAD – The government announced enhancing the maximum limit of depreciation on the import of old, used and second-hand cars, from the existing level of 50 percent to 60 percent.
A statement issued by the Federal Board of Revenue (FBR) said that the decision was taken in line with the decision of the Economic Coordination Committee (ECC) of the cabinet on March 1, 2011. The ECC while considering the summary regarding rationalising prices of locally manufactured cars decided to enhance the maximum limit of the depreciation to 60 percent on the import of cars.
In order to implement the ECC’s decision, the FBR issued a customs notification SRO 275(1)/2011 dated June 26, 2011 amending the parent notification SRO 577(1)/2005 dated June 6, 2005. The Customs General Order No 02/2011 dated June 26, 2011 has also been issued to modify Customs General Order No 14/2005 of June 6, 2005.
Accordingly, the maximum limit of the depreciation has been enhanced to 60 percent from existing 50 percent on the import of old, used and second hand cars.
