ISLAMABAD (May 06 2005): The Central Board of Revenue (CBR) has slashed customs duty on the import of tools and other necessary components of the construction industry from 25 to 5 percent. The CBR has amended SRO 457(I)/2004 through a notification issued here on Thursday.
However, importers/construction companies have to fulfil certain conditions to avail of concessionary rate of customs duty on the import of these items. The CBR has reduced customs duty from 25 to 5 percent on the import of “Proprietary Formwork System for building/structures of a height of 100-ft and above and its various items/ components.
— plastic tubes, plastic tie slot filters/plugs, plastic cone, standard steel ply panels, special-sized steel ply panels, wedges, tube clamps (B-Type & G Type), push/pull props, brackets (structure), steel solders (structure), drop head, standard, prop tic, guard rail post (structure), coupler brace, cantilever frame, decking beam/in-fill beam and doorway angles, lifting Unit (Structure), bolts, tie bolts, anchor bolt assembly (fasteners), anchor screw (fastener), nuts, steel pins, tie wing nut (fastener), steel washers, water plate (fastener), special hammers, extraction keys, adjustable base jack (thread rod with nut and steel plate), adjustable fork head (threaded rod with nut and steel channel).
The import of “Proprietary Formwork System” at the concessional rate will be allowed, provided it is not manufactured locally, and is imported by the construction companies registered with the Pakistan Engineering council. The system is to be procured from a well-renowned international manufacturer.
A certificate from one of the following International Pre-shipment Inspection Companies/ Survey Firms to the extent that all the components/parts are to be used in the proprietary formwork system for construction of structures/buildings of more than 100 feet height, is to be produced, namely: Lloyds of London; Quality Tech, LLC; ABS; Bureau Veritas; and SGS.
The Pakistan Engineering Council shall certify that the imported Proprietary Formwork System is in line with the requirement of the company''s project.