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IOCO issues 50 provisional certificates to importers

IOCO issues 50 provisional certificates to importers

KARACHI: The Input-Output Co-efficient Organization (IOCO) has issued around 50 provisional certificates during a month, in which it allows the local importers to import raw material for manufacturing the products of local industries under concessionary regime with relaxation in customs duty related to the SRO 565(I)/2014.
A FBR sources informed Customs Today that the list of the importers has yet to be finalized, as the IOCO taking the matter very seriously before issuance of provisional certificates and tried to issue the certificates to the genuine importers for production.
The sources further informed that previously provisional certificates had been issued to those parties which did not involve in importation of any raw material and manufacturing the goods by taking benefit of the concessionary regime which suffers colossal loss to national exchequer.
“Large scale anomalies have been found in issuance of provisional and permanent certificates of concessionary regime under SRO 565(I)/2007 on less customs duty to the importers”, sources assert.