The Central Board of Revenue (CBR) has paid over Rs 2.25 billion as duty drawback (DDB) to exporters in July-August, 2005, whereas the claims of Rs 570 million pertaining to current fiscal year are pending.
According to the data compiled on Saturday, the number of pending claims during July-August, 2005 amounted to 7000, while the payment made to the exporters amounted to Rs 2.25 billion. The pending amount of Rs 570 million will reduce following speedy processing of the remaining applications.
CBR officials expressed hope that once the online DDB system is implemented, it will eliminate interference of tax officials and reduce the number of pending duty drawback claims filed by exporters. In this connection, the CBR is finalising the computerised mechanism with the banks.
The CBR will save approximately Rs 8 billion as a result of reduction in duty drawback rates on exports of finished products by leading sectors in 2005-06.
The CBR saved around Rs 3 billion due to reduction in duty drawback rates in 2004-05. Besides, savings would be nearly Rs 8 billion in 2005-06 due the massive tariff rationalisation on import of raw materials/inputs used in the manufacture of goods to be exported, as compared to last fiscal year.
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