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SRO 565(1)/2006: Physical verification of heavy goods manufacturers in the offing

SRO 565(1)/2006: Physical verification of heavy goods manufacturers in the offing

ISLAMABAD: A joint team comprising technical experts from the Federal Board of Revenue and the Engineering Development Board has been constituted to carry out physical verification of companies engaged in fabrication/manufacturing of heavy engineering goods from February 19 to 21, under SRO 565(1)/2006 dated June 5, 2006.

As per details, the SRO 565(1)/2006 deals with concessionary rates or exemption of duty on the import of raw materials, sub-components, components, sub-assemblies and assemblies by the importer-cum-manufacturers. This is subject to the conditions mentioned in the notification. In certain cases, approvals and recommendations of the EBD is required under SRO 565(1)/2006. For example, in some cases exemption is available on inputs if imported by local manufacturers duly recognised and recommended by EDB giving input-output ratios. In other cases, manufactured goods are also declared as locally manufactured wherever applicable. Thus, the technical teams of FBR and the EDB will fulfil the conditions of SRO 565(1)/2006.

Similarly, exemption on the import of certain raw materials is available in case where supplies were made to the export sector PCT headings of such inputs included raw materials and other articles as indicated by the EDB or to exempt industrial units, projects, and agencies or raw material imported by recognised local manufacturers of heavy engineering goods.

In this regard, the FBR, the Defence Production Ministry, State Engineering Corporation have received the technical team’s tour programme from the EDB for physical verification of manufacturing facilities.

The team constituted for physical verification of manufacturing facilities comprises of EDB Manager (Tariff) Muhammad Ashraf Khan, Convenor Engr Yasir Qurban, Member Representative from DGMP, Member Representative from SEC Islamabad, Member and Representative from FBR, Islamabad, Member.