Home » News » Finance » Duty drawback allowed to exporters of diesel generating sets

Duty drawback allowed to exporters of diesel generating sets

ISLAMABAD (December 01 2002) : To boost the exports of engineering goods, the government has allowed duty drawback facility to the exporters of diesel generating sets from November 28, 2002.

The extent of repayment of custom duty would be 10.62 per cent of the fob value on the export of such sets.

The Central Board of Revenue (CBR) has included a new schedule after Schedule-XXXVII in the standard SRO 414(I)/2001 through an SRO 850(I)/2002 issued on Saturday.

Sources said that the incentive of duty drawback on the export of generating sets would not only encourage investment in the engineering sector but would also enhance export of such sets.

In addition to the issuance of amended standard SRO for the entire engineering sector, the custom authorities have issued a separate SRO 849(I)/2002 for notifying duty drawback rates on the export of diesel generating sets by Siemens Pakistan Engineering Co. Ltd., Karachi, during 1999-2002.

The raw materials include diesel engine, auto start module, ammeter, voltmeter, frequency meter, elapsed time meter, water temperature gauge, water temperature sender, pressure gauge, pressure sender, fuel gauge, battery charging ammeter, magnetic pickup unit, temperature sender, LOP sender, fuel sender, fuse, fuse links, varistor, regulator run, key steel, pyrometer element, ball bearing, voltaflex, trifiexil, electrical steel, enameled copper steel, connection cable, D.Grov ball bearing, permanent magnet, pyrometer element, flat copper, hour counter meter, DC ammeter, regulator, switch gauge and engine controller.

For Siemens, the repayment of duty would be 14.24 per cent of the fob value on the export of diesel generating sets from August 9, 1999 to June 30, 2001, 13.93 per cent of the fob value during July 1, 2001 to June 30, 2002 and 10.62 per cent of toe fob value on the export of such sets during July 1, 2002 to November 28, 2002.

Leave a Reply

X