Newspaper get tax break
ISLAMABAD: With a view to encouraging the growth of print media in the country, the Central Board of Revenue (CBR) has exempted from customs duty the import of all types of machinery and spare parts for use in newspaper establishments.
This concession is available unconditionally to all new and already operative newspaper establishments across the board. To this effect, the CBR has issued SRO 643 (I)/2007.
Meanwhile, the CBR also issued notification No SRO 654 (I)/2007 allowing exemption from customs duty and sales tax with regard to the import of plant, machinery, equipment, etc.
The brief description is as follows: In the recent budget, an amending SRO 90(1)12007 dated 9.6.2007 of SRO 575(1)/2006 dated 5.6.2006 has been issued. Certain PCT’s of SRO 490(I)/2007 have been transposed in HS 2007 version.
Town/municipal authorities are allowed to import firefighting vehicles and equipment on total exemption from customs duty and sales tax. Customs duty and sales tax have been exempted on import of machinery by cutlery industry.
Source: The News
Date:6/30/2007
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