56 items added to drawback regime

ISLAMABAD (July 18 2003) : The Central Board of Revenue (CBR) has included fifty-six new products in the duty drawback regime for diversification of export products range, says a report prepared by Input Output Coefficient Organisation (IOCO) Karachi.

These sectors include edible, cooking oil, teabags, diesel generating sets, sports goods, disposable syringes, PVC insulated cables, condensers of air conditioners, refrigerators and chilling units, tetra pack, ceramics sanitary-ware, steel tubes, MS pipes and vast range of other products.

IOCO Karachi is making extra efforts to settle disputes in various sectors including chemicals, engineering, food/consumer, textile, pharmaceutical and sports goods.

The department also successfully standardised 48,000 formulations/registered products through categorisation for the purpose of duty drawback.

Input Output Coefficient Organisation (IOCO) Karachi not only rationalised the duty drawback rate but also emphasised to facilitate the exporters for diversifying their products range by determining duty drawback rates on new products.

IOCO also worked out the methodology for standardisation of sales tax refund on textile products on request of CBR.

The working relates to the refund/adjustment of input tax on fabrics on the basis of calculation provided by IOCO.

This organisation provides services to Customs Valuation Department pertaining to Post Importation Audit and Revised Calculation of Valuation Slips.

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