FBR steps in to end raw ma­te­rial deficit

The Financial Daily - - FRONT PAGE -

Al­ready im­ported freights to be charged by old duty

KARACHI: Fed­eral Board of Rev­enue (FBR) has de­cided to hold the op­er­a­tion of SRO 231(1) 2011 of March 15 in abeyance to ad­dress the is­sue of short­age of raw ma­te­ri­als for ex­port sec­tors.

All im­port con­sign­ments will be cleared ac­cord­ing to SRO.509 (1) 2007 dated 09-062007 which was ap­pli­ca­ble up to 15-03-2011.

Ac­cord­ing to an FBR no­ti­fi­ca­tion of March 29, 2011 ad­dressed to its Chief Col­lec­tors Cus­toms south and north re­gions which was re­ceived by APP here on Wed­nes­day through Pak­istan Hosiery Man­u­fac­tur­ers and Ex­porters As­so­ci­a­tion (PHMA), spe­cial ex­cise duty shall also not be charged on the con­sign­ments stuck up with Pak­istan Cus­toms at ports.

It said the gov­ern­ment/ FBR has de­cided to re­view the ze­rorat­ing scheme of SRO 509(1) 2007 dated 09-06-2007 and new no­ti­fi­ca­tion in this re­gard will be is­sued shortly which will be ef­fec­tive from 15-03-2011. How­ever, the re­duced tax rates will con­tinue to be ef­fec­tive.

Since most of the im­port con­sign­ments ly­ing at the ports are held up due to ap­pli­ca­tion prob­lem of SRO 231(1) 2011, the man­u­fac­tur­ers of five ma­jor ex­port sec­tors are fac­ing short­age of raw ma­te­ri­als, the FBR com­mu­niqué said. -Agen­cies

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