Government has shown readiness to allow import of custom-free vehicles in Gwadar Free Zone North and Gwadar Free Zone South under regulatory frameworks laid down by Federal Board of Revenue, Custom and Excise & Taxation department, Balochistan.
This will give profuse impetus to Gwadar Free Zone and investors, Gwadar Pro reported on Sunday.
Ministry of Maritime Affairs has prepared the draft for regulatory mechanism for the import of vehicles by Gwadar Free Zone and its operating companies.
The regulatory framework has been formulated with the notification of Federal Board of Revenue (FBR) with the purpose to facilitate the operationalization of Gwadar Free Zone and expedite the industrialization process.
As per the amended regulatory mechanism, Free Zone investors will be authorized to import custom duty-free vehicles for their construction and operation.
This will subsequently provide an impetus to new investors to bring in more investment to the Free Zone.
Previously, the exemptions were enjoyed by Gwadar Port and Gwadar Free Zone operator- China Overseas Ports Holding Company, in accordance with the Concession Agreement signed the government of Pakistan in 2007.
With the revised module, concession holders of the Free Zone will be required to submit the declaration form to the Gwadar Port Authority to avail the exemptions under Pakistan Customs Tariff (PCT) code.
Nevertheless, the importer shall register the vehicles to the Excise and Taxation department as stipulated in the Motor Vehicle Ordinance, 1965 for regulation.
