ISLAMABAD: Pakistan Customs revised upwards rates of duty drawback for leather sector, Advisor to Prime Minister on Commerce and Investment Abdul Razak Dawood said.
Taking to Twitter, Razak Dawood said: “Pursuant to Prime Minister’s vision of “Make in Pakistan”, Pakistan Customs (FBR) has revised upwards rates of Duty Drawback for leather sector. The rates have been revised in accordance with the factual determination by IOCO after revision in valuations of input items”.
He also tweeted: “This will increase the global competitiveness of our leather products and contribute towards export-led growth.
The determination of revised rates of other sectors will follow, including furniture, footwear and pharmaceuticals etc.
It may be mentioned here that rates of leather in local markets have been very low for last three years. The welfare organizations collect hides on every Eidul Azha but the rates of hides were significantly low that caused huge loss to the cause of welfare. Even the religious seminaries faced huge loss due to the lowest rates of hides in the country. Contrary to this, the rates of leather shoes and other relevant items were out of reach of the common citizens in the local markets.