Written by Staff Writer
06 Jun, 2017 | 6:03 pm
The trade and investment policy circular governing the import of vehicles for senior executives in management and administration at state institutions and state co-operatives has been amended.
The amendments have been made in accordance with the decisions reached during the cabinet meeting held on May 2. The circular has been back dated to come into effect from June 01.
The amendment shows the tax concessions that a person who holds a vehicle permit will have to pay when purchasing a locally manufactured vehicle or when importing a vehicle.
The registration of a vehicle that is obtained as per this amendment must be registered under the permit holders name at the first instance.
As per the amendment, the ownership of a vehicle which is worth USD 25,000 or less, can be transferred to a third party at any instance.
A vehicle that is worth more than USD 25,000, but falling under USD 30,000 cannot be transferred to a third party before being used for five years, except under the criteria mentioned in the circular.
Vehicle permits that were granted from November 20, 2015 until May 31, 2017 and vehicles that had received clearance from the Customs on or before May 31, 2017 cannot be transferred to a third party before being used for five years except under the criteria mentioned in the circular.
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