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of <h1>New Depreciation Rules for Valuing Imported Second-Hand Vehicles to Prevent Disputes and Delays in Clearance.</h1> The Central Board of Excise & Customs has established a fixed depreciation scale for the valuation of imported second-hand motor vehicles to prevent valuation disputes and delays in clearance. The depreciation rates are 4% per quarter in the first year, 3% in the second year, 2.5% in the third year, and 2% in the fourth year. For vehicles older than four years, depreciation is assessed on merit, capped at 70%. These guidelines align with the depreciation scale for imported second-hand machinery and are effective immediately, applying to all pending assessments. Assessing Officers are instructed to implement these changes.
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