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.
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.