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The Federal Board of Revenue (FBR) has allowed repayment of customs duty (5.33 percent of the FOB value) on the import of raw materials (RBD palm olein etc) used in export of finished products i.e. supplementary/therapeutic foods from April 27, 2020.

The FBR has issued a notification, here on Wednesday.

The FBR has also has allowed petroleum exploration and production companies to deduct such amount of input tax from the output tax.

According to a notification issued by the FBR here on Wednesday, the federal government has allowed a registered petroleum exploration and production company to deduct such amount of input tax from the output tax.

This is subject to the conditions, limitations or restrictions that in

case a bore-hole or well or gas field is run by a joint venture, the person acting as operator of the field may transfer the share of common input tax from the output tax to other registered persons in the joint venture by issuing a credit transfer note, depending upon respective share of the transferees in the joint venture, showing the amount of sales tax involved with zero sales value and the same shall be admissible for the purpose of input tax adjustment by the registered person to whom such credit transfer note is issued.

The common input tax of the operator shall be reduced by the amount involved in such notes as issued by him, the FBR added.

Copyright Business Recorder, 2020