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IOCO starts listing genuine importers

IOCO starts listing genuine importers

KARACHI: The Input-Output Co-efficient Organization (IOCO) of Federal Board of Revenue (FBR) has started to compile the list of genuine importers, who has been granted concessionary regime by Pakistan Customs on their imports of raw materials according to the amended SRO565 (I)/2014.
The FBR sources informed Customs Today that the IOCO after conferring the powers of dealing with SRO565 (I)/2014 by authorities has started its working in order to detect the anomalies being reported in case of taking false exemption of the concessionary regime by some of the so-called importers.
They further informed this scribe that the working on the said development was underway and will be completed by the end of August, 2014.
“After completing the entire process, the FBR authorities will recover the evaded amount by those who will not fall into the category of availing exemption through SRO565 (I)/2014,” they added.
It is pertinent to mention here that the Model Customs Collector (MCC) of Appraisement-West, East and Port Muhammad Bin Qasim had the authority to deal with the SRO565(I)/2006, but after making amendments in the said SRO, the FBR authorities have given the same powers to IOCO to deal with the SRO565(I)/2014.
Moreover, the SRO565 (I)/2014 deals with the prime obligations linked with reconciliation, audit, approval and survey which includes exemption of customs duty on import of raw material, sub-components, components, sub-assemblies for manufacturing of specified goods including air-conditioners, deep freezers, refrigerators, washing machines, car air-conditioners, chrysotile cement, pipes, sheets, fittings and other equipment.