The Federal Board of Revenue (FBR) has rejected the recommendations of the Alternative Dispute Resolution Committee (ADRC) involving payment of customs duty on the import of machinery by certain cement manufacturers in 1995.
The board has declared that the case is subjudice at the judicial fora and whatever the court''s judgement would be accepted by the FBR.
Sources told Business Recorder on Friday that the units imported machinery at a concessionary rate of customs duty in 1995 under SRO. 484(I)92. The machinery was provisionally released at concessionary rate of duty. This was subjected to pending decision of the FBR. The units had also taken the plea that the machinery was not manufactured locally, making it eligible for charging reduced rate of customs duty under the concessionary notification.
However, FBR opined that the machinery was manufactured locally, hence liable to statutory rate of duty. The units went into litigation against the board''s stance and also approached the FBR for settlement of case under the ADR mechanism, sources said.
The ADR committee had given some favourable findings in case of machinery imported by units. Contrary to this, the FBR has not accepted the findings of the ADRC committee and referred the matter to the court where the case is pending.
Comments
Comments are closed.