KARACHI: Following the directions of the Federal Board of Revenue (FBR), Input/Output Co-Efficient Organization (IOCO) Director Shahnaz Maqbool has asked the subordinates to complete working on the rates of Duty Taxes Remission on Export (DTRE), which are being imposed on exported consignments during the current fiscal year, it is learnt here.
According to the details, IOCO Director Shahnaz Maqbool received a letter from the FBR directing her to send a report of DTRE rates, which were being implemented during the financial year 2015-16 on exported consignments.
In the letter, it was further stated that the IOCO should determine the value of raw material, which was imported by local industries for manufacturing of different goods and the ratio of DTRE, which was implemented on import of raw material.
The director asked the officials to complete all paper work in this regard by the end of this month i.e. April, so a comprehensive report could be sent to the FBR Headquarters.
It is pertinent to mention here that the FBR has already planned to merge the IOCO with the Inland Revenue Services (IRS). However; a draft in this regard would be finalized after the upcoming budget.
