decided to enhance the maximum limit of the depreciation to 60 per cent on the import of cars. In order to implement the FCC's decision, the Revenue Division, Federal Board of Revenue issued Customs Notification No SRO 275(1)/2011 dated 26th June, 2011 amending the parent notification No SRO 577(1)/2005 dated 6th June, 2005. Customs General Order No 02/2011 dated 26th June, 2011 has also been issued to modify Customs General Order No 14/2005, dated 6th June, 2005.
Accordingly, the maximum limit of the depreciation has been enhanced to 60 per cent from existing 50 per cent on the import of old, used and second hand cars. -Agencies