The government would give the
duty drawback facility through State Bank of Pakistan.
According to BOC, the administrative order seeks to provide a streamlined guidelines and codify existing rules and regulations on the processing, approval, and payment of
Duty Drawback, Refund, and Abatement.
The All Industry Rates of
Duty Drawback re-imburses the incidence of duties of Customs on inputs and remnant Central Excise Duty on specified petroleum products used for generation of captive power for manufacture or processing of export goods.
In addition to violating congressional intent, prohibiting wineries from continuing to use
duty drawback would eliminate a critical export promotion tool at a time when the wine industry is already facing significant export barriers the senators wrote, In retaliation for tariffs imposed by the administration, U.S.
All applications for
duty drawbacks, value-added taxes (VAT), and excise tax claims were then transferred under the OCOM.
Senior officials of the Customs and Excise Department are of the view that the export incentive schemes such as
duty drawback tend to get exploited and cause leakage of revenue.
Concerning this point, continues ACEA, referring to the EP vote, these mechanisms should also cover the so-called
duty drawback' arrangements granted to South Korea and this from the very moment that the agreement enters into force.
He asked the government to provide 6.3 percent
duty drawback on export of finished leather in order to compete India, China and Bangladesh.
She claimed the
duty drawback would allow South Korean manugfacturers to enjoy a Euro 300-to-500 per vehicle advantage over manufacturers of similar models in Europe.
Seoul's Trade Minister Kim Jong-Hoon and his EU counterpart Catherine Ashton tried to narrow differences on remaining contentious issues, including a
duty drawback scheme and rules of origin.
The CBR has made steep reduction of over 50% in the
duty drawback rates on the export of 11 major textile products including blended fabrics from February 18, 2003 Sources said that the CBR would also slash
duty drawback rates of other textile items in the coming days to revamp the duty structure.
An exporter is tempted to overinvoice exports (1) if (say) the
duty drawback (2) rate is higher than the premium on foreign currency that he has to purchase from the kerb market to meet the export-earning surrender requirement of the State Bank.
