NBR exempts duty on Muhith’s luxury car
Published : Wednesday, 21 August, 2019 at 12:00 AM Count : 806
National Board of Revenue (NBR) issued special order exempting duty for importing a luxurious car Toyota Land Cruiser of the former Finance Minister Abul Maal Abdul Muhith.
Officials of the Revenue Board said the facility has been given under Section 20 of The Customs Act, 1996 and Section 126 (1) of The Value Added Tax and Supplementary Duty Act, 2012 though he is not Parliament Member now.
They said Muhith didn't get the tax-exemption privilege during his last term as minister.
"Even though he isn't entitled to tax-free import of cars, the authorities
have exempted him from paying tax on his car taking current circumstances into consideration," the order said.
Generally, members of parliament get this opportunity during any term of Parliament.
Muhith, served as a minister during the 10th Parliament, didn't contest in the last national polls.
According to the order three conditions have been imposed for the exemption, the imported car cannot be sold or handed over to someone else within the next five years. However, if it is sold before that time period, all the taxes must be paid to the tax commissioner.
An NBR clearance is mandatory prior to the car being sold or handed over to someone else. In case of the owner dying within the next five years, his heirs will not be required to pay any taxes. However, if the car's ownership is passed onto anyone other than the heir, all the taxes must be paid to the tax commissioner.