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CBR extends vehicles amnesty date till Feb 15

RECORDER REPORT

ISLAMABAD: In order to regularise non-duty paid vehicles, the Central Board of Revenue (CBR) has extended the date of amnesty scheme regarding smuggled vehicles up to February 15, 2000 and at the same time increased the depreciation limit up to 66 percent.

The government has already announced an amnesty scheme relating to non-paid vehicles on December 16, 1999. It envisaged that non-duty paid vehicles could be regularised on payment of duty and taxes at statutory rates and on assessable values calculated on the basis of prevalent depreciation rates, says a press release of CBR.

The government noticed that incidence of duty and taxes on the afore-mentioned basis were very heavy on vehicles, which were more than 22 months old. In order to provide relief to the owners of such vehicles, it has been decided to extend the depreciation period from 22 months to 30 months with a maximum depreciation of 66 percent instead of present 50 percent.

Consequently, the incidence of duty and taxes will be approximately reduced by 33 percent of the amount presently payable on vehicles more than 22 months old.

Simultaneously, the government has also decided to extend the amnesty scheme to February 15, 2000, the press release added.