Pakistan gives temporary tax breaks on E&P equipment

The government of Pakistan has announced it will temporarily allow E&P firms to import their drilling equipment, seismic vessels and “certain specialised vehicles” without having to pay customs duties or sales taxes.
Pakistan gives temporary tax breaks on E&P equipment
Pakistan gives temporary tax breaks on E&P equipment
Pakistan gives temporary tax breaks on E&P equipment
Pakistan gives temporary tax breaks on E&P equipment
Pakistan gives temporary tax breaks on E&P equipment

This announcement comes on the back of another government declaration which stated oil and service companies, and their contractors and subcontractors, would be “entitled to the tax concessions”.

In a statement the government said, “Companies will be asked to submit a corporate guarantee valid for two years that equals the value of import duties and taxes exempted.”

“The period could be extended by Pakistan’s Collector of Customs if the importer has a definite contract,” it added.

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