The Federal government has decided to establish common cross-border sustenance markets at three border crossings along the Pakistani-Iranian border to sell tax-free goods in that market to make life easier for local residents.
Sources indicated that a common market for border areas will be created to alleviate the problems of residents living near borders as fencing and smuggling have created some shortages, especially of food.
It was decided to create common border markets with Iran and Afghanistan. As the Memorandum of Understanding (MOU) with the Iranian Government has been finalized, the border sustenance market with Iran will now be established.
Under this Memorandum of Understanding, a cross-border market will be established at three border crossing points, at Mand Pishin, Chedgi-Kouhakand, and Gabd-Reemdan in the first phase. For this reason, tariffs on 122 goods have been reduced under the Pakistan Customs Tariff Code (PCT) by adding a new Part VIII to Schedule V of the 1969 Customs Act.
The provisions of section 148 of the 2001 Income Tax Act do not apply to imports of goods that take place within the jurisdiction of these sustenance markets.
Latest posts by News Desk (see all)
- Oil Prices down amid Geo-Political Uncertainty - November 1, 2023
- Govt to borrow PKR8.5 trillion in Bond Auction till Jan-2024 - November 1, 2023
- Nishat Chunian Ltd: 1QFY24 profit rises 13 percent to PKR 500mn - October 31, 2023
