KARACHI: The Federal Board of Revenue (FBR) is considering issuing revised rates of duty drawback through a notification, it is learnt here.
According to details, the Input Output Co-efficient Organization (IOCO) has sent the revised rates of duty drawback to the Federal Board of Revenue (FBR) in June last year in order to implement new duty drawback rates on concessionary Statutory Regulatory Orders (SROs) and rebate claims.
It is pertinent to mention here that the FBR authorities concerned have directed the IOCO authorities in North and South regions to formulate new revised rates of duty drawback , adding that the IOCO authorities while following the directives of the FBR high authorities had started working on determining the DDB rates and after finalizing those have sent to the FBR Headquarters for further action.
Sources told Customs Today that the duty drawback rates have been revived thoroughly, adding that threat-beard study was being conducted on determining the duty drawback rates in connection with concessionary SRO, exemption and rebate claims.
The sources further informed that the taxpayer before determining the new revised duty drawback rates were getting payments on higher side. However; the anomalies were also being reported in the rates of previous duty drawback rates.
“The IOCO has sent recommendations regarding the new revised duty drawback rates on the basis of merit and also determined the duty drawback rates at low side which benefits the both FBR and taxpayer. Although, the FBR top authorities have not yet replied to the recommendations sent by the IOCO, last year”, sources revealed.
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