ISLAMABAD: Federal Board of Revenue has retrospectively allowed repayment of customs duties paid on the import of raw materials used in production of Toyota Corolla Altis manual (1600cc) exported from November 5, 2013 onwards.
According to SRO (I)2014 the extent of repayment of customs duty would be 13.74 per cent of the fob value on the import of the raw materials used in the production or manufacturing of the said cars. Under the notification, the facility of repayment of customs duties would be available to the M/s Indus Motor Company Limited Karachi on the manufacturing and subsequent export of Toyota Corolla Altis manual (1600cc) without sunroof in white and black.
This is subject to the condition that the goods have been manufactured according to the formula duly furnished to the FBR showing the quantity of various imported raw materials specified and used in the production or manufacture of the goods. The manufacturer maintains proper record of the goods manufactured in accordance with the formula and produces on demand, such records and other evidence as may be required by the Federal Board of Revenue to satisfy itself that the imported raw materials have been used in accordance with the formula.
FBR has also specified that the manufactured goods are exported out of Pakistan and an application for repayment of customs duties is presented to the proper officer of the Customs within 210 days of such exportation or of the publication of this notification or within one hundred and eighty days from the date of realisation of foreign exchange as shown in the bank credit advice issued in accordance with the relevant regulations of the State Bank of Pakistan in force for the time being, whichever is later.
The exporter makes a declaration on the face of the original shipping bill or other export documents to the effect that he would claim repayment of the customs duties paid on the imported raw materials used in the production or manufacture of the goods being exported and the repayment of customs duties at the rate specified shall be allowed provided that the goods exported are manufactured with the same constituents on which the rate of repayment is notified and the manufacturer-cum-exporter shall immediately intimate the Collector of Customs concerned. This included any change in the prices of the imported raw materials; any change in the composition of the manufactured goods to be exported and use of any indigenous raw materials in place of imported raw materials.
The repayment of customs duties authorised by the notification shall be admissible in respect of 100 units of Toyota Corolla Altis manual (1600 cc) without sunroof in white and black colour exported from the 5th November, 2013 onwards, it added.
