ISLAMABAD (December 11 2002) : Giving relief to the manufacturer-cum-exporters of towels, the government has enhanced duty drawback rates on the export of different types of towels from December 9, 2002.
The new rates would be applicable on the export of cotton towel bleached, cotton towel partly dyed or printed and cotton towel fully dyed or printed.
The Central Board of Revenue (CBR) has replaced Schedule V with the new schedule through SRO 898(I)/2002 issued on Tuesday.
The duty drawback rates on cotton towel bleached would be 0.79 percent of the fob value, cotton towel partly dyed 1.88 percent of the fob value and cotton towel fully dyed or printed would be 2.32 percent of the fob value.
According to CBR, the decision would not only boost export of towels, but also attract fresh investment in the towel industry.
Furthermore, Input Output Co-efficient Organisation (IOCO), Karachi, has also approved increase in the duty drawback for the entire towel industry.
The notification has specified that 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.