Official sources told Business Recorder that the CBR has dispatched the draft of the new Duty and Tax Remission for Export (DTRE) scheme to the Law and Justice Ministry for vetting, adding the new DTRE scheme will be notified as soon as the draft is being vetted by the authority concerned.
According to latest data issued on Thursday, the CBR has paid over Rs 9 billion as duty drawback to the exporters during July-January (2004-05), showing a substantial decrease in the number of pending claims.
The CBR has paid a huge amount of Rs 9 billion as duty drawback despite rationalisation/reduction in BBD rates for certain sectors earlier enjoying extraordinary high rates. The Input Output Coefficient Organisation (IOCO), Karachi, has played an important role in the rationalisation of DDB regime.
The CBR has paid around Rs 2 billion as duty drawback during January 2005. A total number of 44,623 duty drawback claims have been settled during he current fiscal year through dedicated teams of custom officials working for this purpose.
As a result of this exercise, the pendency of duty drawback claims, which ranged between 35,000 and 40,000 in the past has been reduced to 8,000 claims. The CBR has making serious efforts to further reduce this number.
The CBR and the Input Output Coefficient Organisation (IOCO), Karachi, have started revision of duty drawback rates following reduction in duty made in budget on the import of raw materials/inputs used in the manufacturing of finished products to be exported.