Concession

KARACHI: The federal government has announced sales tax exemption and reduced rate of Customs duty on import of machinery for LNG terminal.The Federal Board of Revenue (FBR) has issued an SRO 337/2015 on Friday, amending the concessionary SRO 678/2004 dated August 7, 2004.
The FBR amended the definition and included floating storage and regasification unit to the definition of plant, machinery and equipment.
Plant, machinery and equipment have been allowed to import at sales tax exemption and reduced rate of five percent of Customs duty.
The FBR explained that floating storage and regasification unit would be deemed as plant, machinery and equipment of a floating LNG terminal.