50% depreciation announced on used cars’ import

ISLAMABAD: The Federal Board of Revenue (FBR) here on Wednesday announced that a maximum 50 percent depreciation allowance with 1 percent allowance per month would be available on the import of used and second hand vehicles. FBR has also withdrawn the general sales tax exemption, however, allowed sales tax zero-rating on the import of used and second hand vehicles, sprinkler, drip, and spray pumps and nozzles in the country. In this regard, the authorities have issued three separate notifications. staff report