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

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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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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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1 day ago

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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