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FBR shows deep concerns over proposed Automotive Development Policy 2015-20

FBR shows deep concerns over proposed Automotive Development Policy 2015-20

ISLAMABAD: The Federal Board of Revenue (FBR) has expressed deep reservations about the proposed Automotive Development Policy for 2015-20.

Sources told Customs Today that the FBR has opposed concessions for new investors in terms of taxes and duties and opposed to facilitate vehicle manufacturing companies. The FBR has  also expressed reservations about the proposed Automotive Development Policy 2015-20.

The FBR also opposed single digit customs duty on auto parts. On the other hand, the Engineering Development Board (EDB) has proposed 10 percent concessional rate on customs duty for the import of auto parts and LCVs.

The FBR has accepted the 100 percent exemption of customs duty and other taxes for the new companies that invest in the 800cc and other public transport vehicles the manufacturing of which proposed in the new Automotive Development Policy 2015-20.