ISLAMABAD (May 07 2003) : The Central Board of Revenue (CBR) has enhanced duty drawback rates on the export of different types of garments made of cotton on demand of manufacturers-cum-exporters of readymade garments.
The CBR has amended Schedule-I of the standard SRO 412(I)/2001 through an SRO 390(I)/2003 issued here on Tuesday.
The duty drawback has been enhanced from 1.05 per cent of the FOB value to 1.08 per cent of the FOB value on the export of gray readymade garments made of 100 per cent cotton; 1.25 per cent of the FOB value to 1.70 per cent of the FOB value on bleached readymade garments made of 100 per cent cotton and duty drawback has been raised from 1.50 per cent of the FOB value to 2.10 per cent of the FOB value on the export of dyed or printed readymade garments made of 100 percent cotton.
Pakistan Readymade Garments Manufacturers and Exporters Association (Prgmea) was persistently demanding of the tax authorities to enhance duty drawback rates on the export of various products.
The CBR has notified the rates in consultation with the Input Output Coefficient Organisation (IOCO), Karachi.
The authorities have used powers conferred by clause (c) of Section 21 of the Customs Act, 1969.
Meanwhile, the CBR has issued another SRO 391(I)/2003 to give duty drawback facility on the export of foam and full range of foam products to M/s Diamond Polymers (Pvt) Ltd, Lahore.
The duty drawback would be 2.72 per cent of the FOB value on the export of foam and related products by the said unit on or after May 6, 2003.
