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The Federal Board of Revenue (FBR) of Pakistan has announced exemptions on taxes and duties on the import of vehicles as a result of development work done at Gwadar Port and Gwadar Free Zone. This is under the newly issued regulatory framework of FBR to speed up development projects in Gwadar Port and operational activities in the Free Zone. Accordingly, under this scheme, companies engaged in these projects will be permitted to import vehicles for construction, development activities, and operation purposes.
According to FBR, this importation of vehicle will strictly be limited for the purposes of the development of Gwadar Port and the Free Zone, hoping to boost economy in this region. The main utilization of such vehicles would be at construction work sites as well as transportation of laborers. FBR has also imposed strict conditions and quotas on importing such vehicles.
This regulatory mechanism will formalize the process of importing vehicles and ensure that the vehicles are used exclusively for the development and operations of Gwadar Port. Companies involved will have to submit a certification form to confirm that the vehicles are genuinely required for the development work.
This effort is a landmark step in fast-tracking the Gwadar Port and Free Zone projects, not only for development in the region but also toward the growth of different sectors of the economy.
