KARACHI: Input-Output Co-efficient Organization (IOCO) has forwarded recommendations to Federal Board of Revenue regarding change in concessionary regime/exemptions in SROs 565, 567 and 575.
FBR sources informed Customs Today that the SRO 567 related to the pharmaceuticals, containing a description of craft paper, which may be misused by the exporters through Duty and Tax Remission on Export (DTRE), as they can sell the craft paper by exporting it through SRO 567 due to which national exchequer can suffer huge loss.
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They further informed that several anomalies have been witnessed through DTRE by taking advantage of concessionary SROs 565, 567 and 575.
“The regulatory authorities through FBR have sent requests to IOCO in order to prepare effective recommendations on such issues and misuse of SROs, so that the national exchequer could be saved,” they added.
Similarly, they further informed this scribe that the SRO 575 is also being misused by importing machineries and other equipments for sale.
