KARACHI: The Duty Draw Back (DDB) rates fixed by the Input Output Co-efficient Organization (IOCO) for the year 2015-16 have not been implemented by the Federal Board of Revenue (FBR) but the exporters are still claiming their rebate claims at old rates which are on the higher side, it is learnt here.
Sources informed Customs Today that the IOCO, while following the directives of the FBR, has finalized and fixed the new rates of duty draw back through which the exporters can claim and withdraw their claims. However, the FBR has not yet implemented the new rates.
Responding to a query, the sources said that the old Duty Draw Back rates are on higher side and the exporters are still enjoying those rates while the IOCO authorities in the year 2015-16 have fixed the new rates after a comprehensive study of the situation.
“The non-implementation of new DDB rates are affecting on the national exchequer as the exporters are claiming the DDB rates of old ones,” sources added.
Replying to another question, the sources hoped that the FBR authorities in upcoming budget for the Fiscal Year FY2016-17 would make arrangements in implementing the new fixed DDB rates.
