The Federal Board of Revenue (FBR) has imposed restrictions on the importers of the Special Technology Zones (STZs) on the import of goods to be used within the said zones.
The FBR issued S.R.O. 536(I)/2023 for introducing draft amendments in the Customs Rules, 2001 on Wednesday.
According to the rules, the goods imported under the scope of these Rules shall be retained for a period of at least ten years from the date of importation and shall not be sold or otherwise disposed of without prior approval of the Federal Board of Revenue (FBR). Provided that the disposal before the expiration of ten (10) years shall be subject to specified rates of duty and taxes as applicable at the time of importation of these goods. Moreover, the tax benefits shall be provided only if import thereof is made for a period of ten years commencing from the date of signing of the development agreement or issuance of the license, as the case may be, for consumption within zones by the eligible importers under these Rules.
The goods on which duty/tax exemption has been availed shall be solely used within the limits of a Special Technology Zone and shall not be disposed of except with the prior approval of the FBR.
No exemption shall be allowed to an enterprise that does not hold a valid license issued by the developer of a Special Technology Zone and which is not registered under the Customs Computerized System through a unique user ID.
Upon the import of every consignment, the authorized officer of THE Special Technology Zones Authority (STZA) shall certify in the prescribed manner and format, that the imported capital goods are bona fide project requirements. Provided that an eligible importer under these rules shall be allowed to import capital goods through partial shipment provided the total period of import of these partial shipments shall not exceed twenty months from the date of first import.
The licensee of the zone shall apply for a user ID to the registration authority after the acquisition of a valid license from the licensing authority. The business facility of a licensee including manufacturing areas and stores shall be verified by the Customs and upon such verification, the licensee shall be issued a user ID by the registering authority to start operations through Customs Computerized Systems on the basis of items allowed under respective tariff headings.
The licensee of the zone shall apply for a user ID to the registration authority after the acquisition of a valid license from the licensing authority; The business facility of a licensee including manufacturing areas and stores shall be verified by the Customs and upon such verification licensee shall be issued a user ID by the registering authority to start operations through Customs Computerized Systems on the basis of items allowed under respective tariff headings: Provided that regulatory Collectorate may devise the procedure for registration with necessary modifications in Sub-Chapter II of Chapter XXI of Customs Rules, 2001 if required. Upon any violation under the Act or these Rules, the registration authority may block the ID of an enterprise.
Source: Pro Pakistani