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2003-2-26 8:41:00
The Central Board of Revenue [CBR] has made steep reduction of over 50 percent 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.
The CBR officials claimed that All Pakistan Textile Mills Association (Aptma) has duly accepted the reduced rates, which were notified as a result of survey conducted by Input Output Coefficient Organisation [IOCO], Karachi.
The CBR has replaced Schedule IX of the standard SRO 412 (I)/2001 with the new schedule through SRO 179 (I)/2003 issued here Thursday.
The sources said that the textile exporters were enjoying extraordinary enhanced rates as compared to the existing duty structure under the Pakistan Customs Tariff (PCT) 2002-03.
However, the rates should be at par with the latest duty structure as per revised Pakistan Customs Tariff (PCT) 2002-03.
The Customs authorities have planned to revise duty drawback rates of entire textile industry, they added.
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