S.R.O. 14(I)/2002, dated 14th January, 2002

SROS: S.R.O. 14(I)/2002, dated 14th January, 2002 S.R.O. 14(I)/2002, dated 14th January, 2002:- In exercise of the powers conferred by section 19 of the Customs Act, 1969(IV of 1969), and sub-section(1) of section 13 of the Sales Tax Act, 1990, the Federal Government is pleased to direct:- (a) that plant and machinery, if not manufactured locally, shall be exempt from whole of customs-duty and sales tax if imported for setting up industries excluding those specified in table below in the Special Industrial Zones whose locations and perimeters have been notified by the Board of Investment vide Notification No. S.R.O. 1198(I)/95, dated the 24th December, 1995; and (b) all such industries shall be exempt from whole of customs- duty and sales tax with effect from the 17th June, 2000, on import of plant and machinery, provided the letters of credit for the plant and machinery are opened up to the 30th June, 1996, and commercial operations axe commenced up to the 31st December, 2002, subject to the following conditions, namely: ~ (i) Nothing in this notification shall affect or in any way prejudice the industrial units whose cases are sub-judice and the Federal Government shall decide such cases in accordance with verdict of the apex Court; (ii) the importer shall, at the time of import of machinery, make a written declaration on the bill of entry to the effect that machinery has been imported for a project located in an area specified in the Special Industrial Zones; (iii) the importer shall furnish an indemnity bond in the form as set out below to the extent of customs-duty and sales tax exempted under this notification. The said bond shall not be discharged till the expiry of one year after the commissioning of the project which fact should be duly verified by the Project Director of the Special Industrial Zones and the Assistant Collector of Customs and Central Excise in whose jurisdiction the project is located. Such certificate of verification shall clearly state mat the plant and machinery imported for the purposes specified in the bills of entry have been duly installed; and (iv) in the event of non production of such certificate by the importer the Collector…