AVN 61.87 Decreased By ▼ -0.08 (-0.13%)
BOP 10.30 No Change ▼ 0.00 (0%)
CHCC 136.00 Decreased By ▼ -0.03 (-0.02%)
DCL 9.85 Increased By ▲ 0.10 (1.03%)
DGKC 108.61 Increased By ▲ 0.43 (0.4%)
EFERT 67.99 Increased By ▲ 0.29 (0.43%)
EPCL 32.35 Increased By ▲ 0.60 (1.89%)
FCCL 21.56 Increased By ▲ 0.04 (0.19%)
FFL 13.86 Increased By ▲ 0.23 (1.69%)
HASCOL 13.91 Increased By ▲ 0.05 (0.36%)
HBL 128.03 Decreased By ▼ -1.22 (-0.94%)
HUBC 81.75 Increased By ▲ 0.10 (0.12%)
HUMNL 9.35 Increased By ▲ 0.08 (0.86%)
JSCL 17.46 No Change ▼ 0.00 (0%)
KAPCO 24.55 No Change ▼ 0.00 (0%)
KEL 3.84 Increased By ▲ 0.02 (0.52%)
LOTCHEM 13.14 Increased By ▲ 0.02 (0.15%)
MLCF 36.86 Increased By ▲ 0.32 (0.88%)
OGDC 113.81 Decreased By ▼ -0.15 (-0.13%)
PAEL 35.51 Increased By ▲ 0.23 (0.65%)
PIBTL 11.82 Increased By ▲ 0.12 (1.03%)
PIOC 91.55 Increased By ▲ 0.25 (0.27%)
POWER 10.04 Increased By ▲ 0.10 (1.01%)
PPL 100.21 Decreased By ▼ -0.25 (-0.25%)
PSO 183.50 Increased By ▲ 0.25 (0.14%)
SNGP 53.91 Decreased By ▼ -0.09 (-0.17%)
STPL 11.86 Increased By ▲ 0.15 (1.28%)
TRG 56.07 Increased By ▲ 0.20 (0.36%)
UNITY 13.24 Increased By ▲ 0.45 (3.52%)
WTL 1.58 Increased By ▲ 0.03 (1.94%)
BR100 4,160 Decreased By ▼ -24 (-0.58%)
BR30 21,303 Decreased By ▼ -186 (-0.87%)
KSE100 40,030 Decreased By ▼ -136 (-0.34%)
KSE30 17,297 Decreased By ▼ -128 (-0.73%)
COVID-19 TOTAL DAILY
CASES 283,487 842
DEATHS 6,068 16
Sindh 123,246 Cases
Punjab 94,223 Cases
Balochistan 11,835 Cases
Islamabad 15,214 Cases
KP 34,539 Cases

ISLAMABAD: The Federal Board of Revenue (FBR) will pay customs duty drawback to the exporters on a first-in first-out (FIFO) basis under the new policy on processing and sanctioning of such claims.

The FBR has proposed amendments in the Customs Rules 2001 through an SRO.561(I)/2020 issued here on Monday to issue a new policy on payment/processing of duty drawback claims of the exporters.

According to the FBR, the comprehensive audit of the duty drawback payments would be conducted by the Directorate General of Post Clearance Audit (PCA) of the FBR. Any recovery detected by the PCA would be deducted from the next duty drawback claim of the exporter besides recovery proceedings against the exporters.

The customs duty drawback payments of such claims that are complete in all respect shall be made on FIFO basis taking into account the date of filing of claims.

The FBR has also issued procedure for the customs officials for the calculation of the customs duty drawback claims filed by the exporters. The average amount of customs duties paid on imported materials used in the manufacture of components, intermediate or semi-finished products which are exported as such or further used for manufacture of goods shall be taken into account for the purpose of calculatíon of the duty drawback.

Directorate General of Input Output Coefficient Organisation (IOCO) will preferably review all the duty drawback rates after announcement of annual fiscal budget to incorporate the impact of upward or downward revision of customs duties or imposition of new duties. The exercise shall be completed by August 31 and Board would ensure to issue notifications on revised rates by September 30.

The duty drawback as may be admissible shall be part of the process of assessment of cargo for export and the amount so admissible to the exporter shall be computed and processed by Customs Computerized System on sale proceeds amount repatriated into the country and Form-E settlement from the commercial bank. While filing an export GD when a

PCT code is entered in Customs Computerized System, the system displays the relevant SROs and DDB rates according to goods description and nature of exports. The exporter may select and claim the most relevant description and rate of duty drawback admissible, FBR added.