However, the proposed exemption of deemed VAT on wholesale and retail trade will come into effect from January 01, 2016, considering its impact on the cost of living, the statement said.

Further, vehicle importers who have imported motor vehicles for personal use and their letters of credits opened before the budget 2016 presentation are permitted to get clearance for their vehicles from the Customs by paying the duties under the rate that had prevailed on November 20, 2015 without paying any demurrage, it added.