GOVERNMENT OF PAKISTAN
MINISTRY OF FINANCE, ECONOMIC AFFAIRS, STATISTICS AND REVENUE
Islamabad, the 12th June, 2004.
S.R.O. 452(I)/2004. - In exercise of the powers conferred by section 19 of the Customs Act, 1969 (IV of 1969), and clause (a) of sub-section (2) of section 13 of the Sales Tax Act, 1990, the Federal Government is pleased to direct that the following further amendments shall be made in its Notification No. S.R.O. 554(I)/98, dated the 12th June, 1998, namely: -
In the aforesaid Notification, -
(i) in the preamble, after the word “machinery” the words, commas and figures “for which letters of credit are opened upto the 12th June, 2004, and import is made upto the 31st December, 2004” shall be inserted; and
(ii) in condition (v), in clause (b), for the full stop the colon shall be substituted and thereafter the following proviso shall be added, namely:-
“Provided that in case an industrial unit fails to achieve targets of exports as specified or opts to forego the benefit of duty concession at post import stage, shall make payment of minimum customs duty at the rate of one per cent per year of default with a maximum of five per cent of dutiable value at the time of import provided the period of import is equal to or more than five years. In case where period of import is less than five years, the importers may opt out after paying five per cent duty, less one per cent per year for each non-defaulting years. This shall be considered full and final discharge of the entire liabilities.”.