KARACHI: The Federal Board of Revenue has directed the Input Output Co-efficient Organisation (IOCO) to discontinue the surveying process under SRO 565 and SRO 575 and determine the duty drawback rates before the end of current fiscal year 2014-15.
Sources informed Customs Today that the IOCO has stopped their surveying process as the FBR has asked the IOCO officials to finalise the process of determining the DDB rates before the end of fiscal year 2014-15.
They further informed that the recent halt in survey process would certainly affect the importers and exporters as they could not carried out their businesses without determination of wastage by the authorities concerned of IOCO.
“The FBR has passed on the clear directives to the officials of IOCO to ensure the completion of DDB rates determination before ending of fiscal year2014-15”, sources added.
It is pertinent to mention here that the FBR a month ago asked the IOCO to discontinue the process of finalizing DDB rates, as those rates would be changed after announcement of budget for the fiscal year2015-16. However; the FBR later decided to finalize the process of determining the DDB rates which affecting the survey process as the entire IOCO team is busy in finalizing the DDB rates.
Official sources further disclosed that the survey process would continue again after the announcement of budget in June-2015.
