The goods imported for the Special Technology Zones (STZs) have to be retained for a period of at least ten years and cannot be sold without prior approval of the Federal Board of Revenue (FBR).
The FBR has issued Special Technology Zones Rules 2023 through an SRO.744(I)/2023 issued on Monday.
Under the FBR’s conditions on the STZs, the tax benefits shall be provided only if import thereof is made for a period of ten years commencing from the date of signing of the development agreement or issuance of a license, as the case may be, for consumption within zones by the eligible importers under these Rules.
The goods on which duty/tax exemption has been availed shall be solely used within the limits of a Special Technology Zone and shall not be disposed of except with the prior approval of the FBR.
No exemption shall be allowed to an enterprise that does not hold a valid license issued by the developer of a Special Technology Zone and which is not registered under the Customs Computerized System through a unique user ID.
Upon the import of every consignment, the authorized officer of the Special Technology Zones Authority (STZA) shall certify in the prescribed manner and format, that the imported capital goods are bona fide project requirements.
Provided that an eligible importer under these rules shall be allowed to import capital goods through partial shipment provided the total period of import of these partial shipments shall not exceed twenty months from the date of first import.
The licensee of the zone shall apply for a user ID to the registration authority after the acquisition of a valid license from the licensing authority.
The business facility of a licensee including manufacturing areas and stores shall be verified by the Customs and upon such verification licensee shall be issued a user ID by the registering authority to start operations through Customs Computerised Systems on the basis of items allowed under respective tariff headings, the FBR added.
Source: Pro Pakistani