TRC recommends merger of all export promotion related notifications
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MIAN ARSHAD ISLAMABAD— The Tax Reforms Commission ( TRC) has proposed that all existing export promotion related notifications must be merged in a single notification as well as the exporters cum importers may be subjected to similar conditions and limitations on imports for the purposes of local processing for export purposes. TRC observe that a present a large number of Notifications/ SRO’s have been issued for promotion of exports through export processing zones, special industrial zones, manufacturing bonds, and temporary import and rebate notifications. These notification also require maintenance of complicated records.
The government constituted TRC on September 25, 2014 with Syed Masoud Ali Naqvi as Chairman and held inaugural meeting on October 18, 2014. A well- placed official source at FBR told Pakistan Observer here on Monday that the conditions imposed for such imports also vary to a large extent. It is proposed that all existing over half a dozen notifications may be merged in a single notification and the exporters cum importers may be subjected to similar conditions and limitations on imports for the purposes of local processing for export purposes.
Moreover, the source added that a large number of Pakistanis have set up facilities in Japan for reconditioning/ repair of old and used vehicles for export to UAE and from there to Pakistan and other foreign markets. This import of reconditioned old and used vehicles via UAE results in extra cost in terms of foreign exchange.
Therefore, TRC recommended the government may consider for allowing setting up of ware- houses/ bonds for import of old and used vehicles directly from Japan and their local sale to eligible persons on payment of leviable duties and taxes, and export to foreign markets after local reconditioning / repair of these old and used vehicles. There is a need to set up ware- houses of imported raw materials, sub- assemblies / sub- components and assemblies/ components under the private/ partnership scheme in order to ensure timely supply of required materials at reasonable prices to small and medium manufacturers cum exporters in order to improve the quality of manufacture goods for export purposes.
KARACHI: Federal Minister for Industries and Production, Ghulam Murtaza Khan Jatoi being presented with a memento upon his visit to Pakistan Institute of Management.