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  • Oct 29th, 2005
  • Comments Off on Zaman Cement duty, taxes recovery deferred till operation
The government has deferred recovery of duties and taxes on plant and machinery imported by Zaman Cement Company Limited, Khushab, till the commencement of commercial operation, official sources told Business Recorder.

The decision was taken by the Economic Co-ordination Committee (ECC) of the Cabinet, in its last meeting on a summary from Central Board of Revenue (CRB), saying that the case was similar to Chakwal Cement, which had also been granted relief--in November 2001.

The ECC decided that "applicable customs duty may not be charged upfront, in such cases and duties be recovered in 5 years in 5 equal instalments after commencement of commercial operation, without interest".

Zaman Company Cement Limited had approached Lahore High Court (LHC) for facsimile concession as extended to Chakwal Cement. On this the Court directed Member (Customs) " to look into the case of the appellant in view of the decision in case of Chakwal Cement, and to discover what discrimination has been shown and to remove it or pursue for the removal of the same whomsoever in law, and to submit his report to the Court".

Copyright Business Recorder, 2005


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