The National Board of Revenue (NBR) has relaxed conditions for the economic zone investors for availing duty free car imports to attract more foreign investment in the country.
The tax authorities have halved the total amount of investment and employment generation in industrial units required for availing such benefits.
Meanwhile, the NBR had published a Statutory Regulatory Order (SRO) on November 1 in this regard.
According to the decision, investors in country’s economic zones will enjoy import of two duty free vehicles by investing USD$5m or equivalent local currency and employment generation of 250 people in an industrial unit.
Earlier, an investor has to invest $10m or equivalent amount of money and create employment generation of 500 people in an industrial unit to avail the duty free vehicle import benefit.
The BEZA allows economic zone investors to import two duty free vehicles including a sedan with a less than 2000cc engine or microbuses, pick-up vans or double-cabin pick-ups for an industrial unit.
The importers, however, is not allowed to transfer ownership of the vehicles for five years after importing them. Investors can import vehicles duty-free only once under the benefit.