FBR steps in to end raw material deficit
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