Gwadar Free Zones to Allow Custom-Free Vehicle Imports

• Pakistan's Government Allows Custom-Free Vehicle Import in Gwadar Free Zones.
• The move aims to boost investment in the Gwadar Free Zone.
• The revised regulations allow investors to import vehicles without paying customs duties.

The government expressed its readiness to permit the import of custom-free vehicles in both Gwadar Free Zone North and Gwadar Free Zone South, following regulatory guidelines set by the Federal Board of Revenue (FBR) and the Excise & Taxation Department of Balochistan.

This initiative aims to significantly boost investment in the Gwadar Free Zone, as reported by Gwadar Pro.

The Ministry of Maritime Affairs has drafted a regulatory framework to facilitate the import of vehicles by Gwadar Free Zone operators and their affiliated companies. The new guidelines, established in coordination with the FBR, aim to streamline the operationalization of Gwadar Free Zone and accelerate the industrialization process in the region.

Under the revised regulations, investors in the Free Zone will be allowed to import vehicles without paying custom duties, supporting their construction and operational needs. This change is expected to attract more investors and enhance investment opportunities within the Free Zone.

Previously, only the Gwadar Port and the Free Zone operator, China Overseas Ports Holding Company, benefited from these exemptions as outlined in a Concession Agreement with the Pakistani government signed in 2007.

Under the updated framework, Free Zone concession holders must submit a declaration form to the Gwadar Port Authority to access exemptions under the Pakistan Customs Tariff (PCT) code.

However, it is essential for importers to register their vehicles with the Excise and Taxation Department in compliance with the Motor Vehicle Ordinance of 1965 to ensure proper regulation.

[embedpost slug="/gold-rate-in-pakistan-on-oct-14-up-by-rs200-to-rs275700-tola/"]