The Central Board of Revenue (CBR) will collect reduced rate of one percent withholding tax on the import of CNG buses (CBU) and agricultural tractors. The board has amended the Second Schedule of the Income Tax Ordinance 2001 through an SRO 1118(I)/2006 issued on Wednesday.

According to the notification, fully dedicated CNG buses (CBU) classified under Pakistan Customs Tariff (PCT) heading 8702.1090 and 8702.9090 and agricultural tractors classified under PCT heading 8701.9020 has been included in the provision 13G of the Second Schedule.

Copyright Business Recorder, 2006