FinanceNews

Wholesale cut in duty drawback rates: 96 SROs rescinded

ISLAMABAD (August 09 2005): Rescinding all 96 individual duty drawback SROs, the Central Board of Revenue (CBR) has reduced duty drawback rates for textile, leather, surgical, engineering and all other leading export sectors from August 6, 2005.

The CBR on Monday issued new standard duty drawback notifications including SRO.784(I)/ 2005, SRO.785(I)/2005, SRO.786(I)/ 2005 and SRO.787(I)/2005. The notifications ie SRO.412(I)/ 2001, SRO.413(I)/ 2001, SRO.414(I)/ 2001 and SRO.415(I)/2001 have been rescinded through SRO.783(I)/ 2005.

The rates have been revised in view of the massive tariff rationalisation in 2005-06 budget and subsequent changes in import duties.

According to the revised notification, the duty drawback on export of cement will be Rs 25.08 per ton; vegetable ghee (Banaspati or Vanaspati) Rs 9681.83 per ton; cooking oil (Soya bean or rapeseed or sunflower or coconut or RBD palm or RBD palm olein or RBD palm kernel) Rs 9681.83 per ton; and duty drawback on the export of cooking oil (canola or cotton-seed or corn-seed) will be Rs 57.18 per ton.

SRO. 784(I)/2005 (previously SRO. 412(I)/2001) will now deal with the duty drawback rates of the textile products. It encompasses garments, made-ups, fabrics, dyed or printed made-ups, woven or knitted man-made fabrics, hosiery articles of all sorts, towels, towels include terry towels, terry woven bath-mats, terry ahram towels, terry hand towels, terry bar mops, bathrobe, terry face towels, terry shop towels, terry dish towels, terry kitchen towels, terry gloves, terry pillows covers, terry cover lets, terry garments and fabrics, terry over locked towels, terry institutional towels, and terry massage towels, viscose staple fibre yarn, acrylic staple fibre yarn, 100 percent polyester staple fibre yarn, Metallic or art silk laces, jute yarn, blankets, Bleached white cotton thread, sewing thread, grey mercerised thread, dyed cotton sewing and embroidery thread, processed yarn in hanks or cones and 100 percent white or dyed polyester sewing thread all counts on spools or cones, Bleached or un-bleached, dyed or un-dyed cotton waterproof or impregnated canvas, tarpaulin, tents, complete or in CKD condition with or without bamboos, kit bags and aprons, multi filament yarn of polypropylene (dyed black) and other textile related products specified in the SRO. 784(I)/2005.

SRO. 786(I)/2005 (previously SRO. 414(I)/2001) would deal with the duty drawback rates applicable on the export of hand tools of carbon steel, nickel or chrome plated, all sorts; shaving blades; complete gas meters; ceiling, pedestal, cabin and exhaust fans of all sizes including such fans in CKD condition; steel nuts, screws and bolts of all types; light cut hand shoe tacks; transformers of 25 KVA to 1500 KVA; switch gears; high tension and low-tension electrical porcelain insulator and fuse units of all types; brass hardware and moulded/machined items including brass wire; handicrafts and musical instruments; quartz clocks, all sorts; annealed surgical and veterinary instruments of stainless steel and non-surgical scissors of stainless steel; stainless steel and carbon steel pocket-knives, sportsman knives, hunting knives, key chain pocket-knives, swords, meat chopper, kitchen knives, butcher knives, knives all sorts, stainless steel cutlery and table-wares (all sorts); alloy metal, pressure cooker, gas tandoor, cooking pan, kitchenware; condensers; electric motors (all sizes); PVC insulated power cables or armoured power cables for underground installation or power cables insulated with cross-linked polyethylene (single core to four core over and above 10mmsq); diesel generating sets and other items specified in the SRO. 786(I)/2005.

S.R.O. 415(I)/2001 has been replaced with the new SRO. 787(I)/2005, which would deal with the tyres of trucks, buses, cars, jeeps or agricultural tractor, all sizes; lamps; match boxes; 100 percent plastic goods including packing materials used in the goods meant for export such as bottles, jars, vials, containers, droppers and the like; PVC gloves (knit wrist style); audio cassettes; artificial leather (PVC binding material); toothbrushes; polyester chips; wedding cards, Eid cards, greeting cards, visiting cards, Christmas cards and invitation cards (all sorts) and other items specified in the SRO.787(I)/2005.

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