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Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
23,087
3924hr
Pakistan Cases
1,011,708
3,26224hr
6.6% positivity
Sindh
369,245
Punjab
353,695
Balochistan
29,681
Islamabad
85,947
KPK
142,139

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.