Table of contents list of acronyms
TABLE 3.1: GOVERNING SROs
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| TABLE 3.1: GOVERNING SROs SRO Nob bDate Description SRO I 22.06.2006 For vendors Partial exemption from customs duty on import of raw materials, sub-components, components, sub-assemblies and assemblies not manufactured locally SRO I 22.06.2006 For OEMs: Partial exemption from customs duty on components which include sub-components, components, sub-assemblies and assemblies but excludes consumable) and direct materials SRO I 01.07.2006 Levy of additional customs duty on import of goods for assembly/manufacture of vehicles. Source EDB (http://www.engineeringpakistan.com/EngPak1/srolist.htm). 42 SRO I was issued on the 22 nd of June 2006 with the sole objective of providing relief from so much of the customs duty as was in excess of the concessionary and the statutory rates specified in the Customs Act for the Vendors only. SRO I was also issued simultaneously and for the same purpose, except that its beneficiary was the OEM category of the sector. Both SROs require the new entrants and those wishing to the benefits conferred shall make an application for the same both, respectively, initially and annually thereafter which will contain the following information 1. Proof that he is/will be registered as a Sales Tax Payer 2. List of equipment installed complying with the requirements specified 3. Submit hard and soft copy of list of components with parts numbers along with respective PCT headings intended to be imported 4. the input output ratio of the items to be manufactured and total annual requirements of materials These are then verified by the EDB and forwarded to the FBR as described above. At the time of importing the inputs the licensed OEM/Vendor is required to certify that the import complies with his annual entitlement. Through SRO I the additional duties levied areas shown in Table 3.2. Download 0.77 Mb. Share with your friends:
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