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Exporters demand increase in duty draw back rates

Exporters demand increase in duty draw back rates

KARACHI: The exporters and trade bodies have demanded Federal Board of Revenue (FBR) to increase the rate of Duty Draw Back (DDB) on exports due to significant increase in US dollar exchange rate since 2009, it is learnt here.
The sources informed Customs Today that the authorities concerned of FBR have given the task to the Input Output Co-efficient Organization (IOCO) in order to evaluate the rates of duty draw back during the last five years from 2009 to 2014.
The sources further informed this scribe that the Input Output Coefficient Organization (IOCO) has started its working as per the directives of FBR authorities concerned and preparing a list of exporters on chronological order with a view to evaluate the duty draw back rate.
The exporters and trade bodies were of the view that they have been experiencing billions of rupees loss in share of rebate, as the exporters are getting re-payment after exporting the goods as per the duty draw back structure followed in the year 2009.
“The dollar rates in the year 2009 was under Rs 100 and it was stood at Rs 85 to Rs 87 against US$1, however; the current rate of the US dollar is above Rs 100 which is certainly increase the duty draw back amount after export”, they added.
The items in the duty draw back structure may include several items which would be decided by the authorities concerned.
The IOCO sources revealed that the evaluation work would be completed by the end of this current year i.e.2014 and after that increase in duty draw back rates are expected by the advent of the next year.