Changes in the Concessionary Regime for E&P Companies

Vide SRO 610(I)/2015 dated 30.06.2015 Federal Government has made following amendments in SRO 678(I)/2004 dated 07.08.2004 relating to concession of customs duty to E&P companies on import of machinery, equipment, specialized vehicles etc.

(a)    Concession on import of pick-ups (4×4) has been withdrawn;

(b)   Concession on import by sub-contractors has been withdrawn;

(c)    Time limit for corporate guarantee has been enhanced from 2 years to 5 years;

(d)    The Collector can also grant extension for a further period on payment of 1% surcharge for each year.