ISLAMABAD (February 24 2003) : Receiving encouraging signals from pharmaceutical industry after extension in duty drawback facility, the Central Board of Revenue (CBR) has decided to include new sectors in the duty drawback regime to boost the exports of local emerging industrial sectors, official sources told Business Recorder here on Sunday.
The new sectors would be added in the standard SRO. 415(I)/2001 through amended notifications to standardise all those sectors where individual companies were availing of rebate facility for the last many years.
The Input Output Coefficient Organisation (IOCO), Karachi has completed the working to encompass two new sectors within the duty drawback regime and handed over the data to the CBR for issuance of notification.
The authorities would add two new schedules in the SRO. 415(I)/2001 for making things easy for the industrialists.
Recently, the CBR has given duty drawback facility to the pharmaceutical industry by rescinding a number of individual notifications. In the same manner, the CBR would further extend the rebate facility to other active sectors entitled for duty drawback facility.
The individual rebate facility would be replaced with the standardisation of SROs for equal repayment of duty to the entire sectors.
The CBR has also principally agreed to add new textile items like fabrics in the SRO. 412(I)/2001 and slash enhanced rates in other cases.
The customs authorities are also slashing rates of the engineering sector through amendment in the standard SRO. 414(I)/2001. Certain engineering products with enhanced duty drawback rates would be brought down at par with the latest customs duty structure.
Sources added that the CBR has given final touches to 4-5 major amendments in SROs 412, 414 and 415 to be notified after vetting from Ministry of Law and Justice.
