Government Has Increased The Stipend By Rs 11,000 Punjab Nurses

• FBR has issued Gwadar Tax Free Zone Rules 2021, which explains tax exemptions, incentives and tax incentives to zone investors.
• Investors will be able to order plants and machinery at zero duty, but plants and machinery will not be sold outside the tax-free zone in the normal tariff area for five years.
• 50% duty and tax will be levied on sales after three years, besides zero duty and tax on sale of plants and machinery in the tariff area after five years.

FBR issues Gwadar Tax free zone

The FBR has issued Gwadar Tax Free Zone Rules 2021, which explains tax exemptions, incentives and tax incentives to zone investors. According to the draft rules issued by the FBR, it has been decided to import machinery at concessional rate tax and zero duty for Gwadar tax free zone under C-Pack, along with declaration of goods in connection with imported goods for free zone. Documents will also be presented.

The FBR has drafted the Gwadar Tax Free Zone Rules. Under the rules, investors will be able to apply for user ID and login password after obtaining a license from the Licensing Authority, declaration of goods to the investor, or clearance. Must be filed by an agent. Imported goods in the free zone will be inspected and evaluated in accordance with the provisions of the Customs Act, 1969 and the rules made under it.

The exemption given under the Customs Act and the Gwadar Port Authority Ordinance, 2002 will apply to plants, machinery, equipment which will be used exclusively within the limits of a free zone and imported goods will be used by investors in the zone.

According to the FBR, under the rules, investors will be able to order plants and machinery at zero duty, but plants and machinery will not be sold outside the tax-free zone in the normal tariff area for five years. In case of sale in the tariff area outside the tax free zone before five years, duty and tax will be charged 100%.

According to the document, 50% duty and tax will be levied on sales after three years, besides zero duty and tax on sale of plants and machinery in the tariff area after five years. There will also be zero duty on supply of fuel and petroleum products to ships arriving and departing at Gwadar port. Under the rules, investors will be able to apply for user ID and login password after obtaining a license from the licensing authority.

Also checkout : Government Has Increased The Stipend By Rs 11,000 Punjab Nurses

The post FBR drafts Gwadar Tax Free Zone Rules, who will get how much tax relief? appeared first on Trends Of Pakistan.

from Trends Of Pakistan https://ift.tt/3tbrWUw
via IFTTT