KARACHI: Federal Board of Revenue is facing huge revenue loss due to the absence of tabulation for determining the values in terms of customs duty, sales tax, income tax, federal excise duty and other taxes in the application form for Duty Taxes Remission on Export (DTRE), Appendix-I.
Sources in FBR informed Customs Today that the non-appearance of said tabulation in DTRE, Appendix-I is resulting in incorrect valuation due to which massive loss is rendered to national exchequer.
They further told this scribe that the Director, Input-Output Co-efficient organization (IOCO) has forwarded proposals for making amendments in DTRE, Appendix-I to FBR Headquarters, Islamabad for immediate redressal.
It is pertinent to mention here that the exporters by taking advantage of the said scenario have imported substantial quantity of raw materials and re-exported them to other countries.
