DAILY TAXES AND JOBS UPDATES
Nadeem Butt FCA, FPFA, FCFMA/ Taxation Trainer / Director ITF
- Chairman Lahore Tax Bar Academy (2018 - 2025) / Managing Partner - Nadeem & Co. Chartered Accountants
DUTY, TAXES TO BE PAID IN FOREIGN EXCHANGE ON IMPORT OF NEW VEHICLES UNDER TRANSFER OF RESIDENCE
The ministry of commerce has amended import policy order and on import of new cars/vehicles under transfer of residence scheme the duty and taxes shall be paid in foreign exchange.
The ministry of commerce issued SRO 1237(I)/2017 to amend Import Policy Order 2016. In the policy order words ‘under transfer of residence’ added in paragraph 3 in sub-paragraph 5.
With addition of words, the sub-paragraph shall be read as:
“In case of cars with engine capacity of 1800 cc and above and 4X4 vehicle in new condition to be imported under transfer of residence or under personal baggage or under gift scheme, the duty and taxes will be paid out of foreign exchange arranged by Pakistan national themselves or local recipient supported by bank enchashment certificate showing conversion of foreign remittances to local currency.”
Regards,
Nadeem Butt - (FCA), FPFA
Chartered Accountant
20+ Years experience as Professional Author and Teacher of Taxation
Financial Adviser of DAWAT-E-ISLAMI
Chairman Lahore Tax Bar Association (LTBA) Tax Academy (2017-18)
Member Publications Committee of the Institute of Chartered Accountants of Pakistan (ICAP) (2017-18)
Member Lahore Chamber of Commerce & Industry (LCCI) Finance, Taxation & Sales Tax Committee (2017-18)
Vice Chairman Lahore Tax Bar Association (LTBA) Tax Academy (2016-17)
Member (Special Invitees) Taxation Committee of LCCI (2012-13)
Audit and Tax adviser of all Pakistan Cottage Industry & Small Traders Association
Principal Institute of Taxation and Finance
Ph: 042-35408638
Cell: 0333 / 0301 / 0315 / 0300 - 4245240