The CBR has timely issued amended SRO.410 because any delay in the issuance of notification could create serious problems for the exporters, whose consignments have reached the ports on December 31, 2005. Now, there will be no legal hitch for the importers as the notification has been issued well in time.
Official sources told Business Recorder that the CBR has given further extension of six months after expiry of notification on December 31, 2004.
The authorities studying the impact of extension has convened several meetings to take input of all the stakeholders, including export associations. Business community was demanding further extension in the notification, while the CBR tried extension with further amendments.
The last extension in SRO.410 was made six months back at a high-level meeting attended by representatives of different departments. At that time, the government has categorically told the exporters that this would be the fourth and final extension in the SRO. 410(I)/2001. The exporters should not expect any further concessions in SRO, while, CBR Chairman Abdullah Yousuf took the decision of further extension for smooth working of sectors operating under "Temporary Importation Scheme" in future.
In the past, the CBR tried its level best to extend SRO. 410(I)/2001 along with certain amendments taking away extraordinary incentives given to the manufacturers-cum-exporters.
Following is the text of the notification issued here on Friday: "In exercise of the powers conferred by Section 19 of the Customs Act, 1969 (IV of 1969), and sub-section (2) of Section 13 of the Sales Tax Act, 1990, the Federal Government is pleased to direct that in its notification No SRO.410(I)/2001, dated the 18th June 2001, the following further amendment shall be made, namely:-
"In the aforesaid notification, in the preamble, for the figures, letters, word and comma, "31st December 2004" the figure, letters, word and comma "June 30, 2005" shall be substituted."