KARACHI: The Input Out Co-efficient Organization (IOCO) has completed its work to finalize the duty drawback rates for the year2016-2017, it is learnt here.
The Federal Board of Revenue (FBR) has asked the IOCO officials to determine the duty drawback rates for implementation on export consignments and import of raw material for exports.
Reacting upon the directives issued by the FBR, Director IOCO Shahnaz Maqbool asked the authorities of the department to determine the duty drawback rates as per evaluation and submit those rates after determination.
The sources claimed that the IOCO has finalized the rates and also sent those rates to the Director IOCO for evaluation.
It is pertinent to mention here that the FBR was also directed the IOCO authorities to determine the duty drawback rates in the Fiscal Year2015-16, but those rates could not be implemented in the last fiscal year.
The sources informed Customs Today that the FBR authorities, this time have specially asked the authorities of IOCO to determine the duty drawback rates after doing a fresh practice.
The sources further said that the duty drawback rates were very high previously and the current rates determined by the IOCO are at low sides which certainly improve the export and also the figures of rebate claims.
Replying to a query, the sources further disclosed that the new duty drawback rates would be implemented formally by the end of second quarters of the Fiscal Year2016-17 after the approval of FBR authorities concerned.
