The Economic Co-ordination Committee (ECC) of the Cabinet has directed the Commerce Ministry to expedite duty drawbacks rates to businessmen of Pure Terephthalic Acid (PTA) against ''deemed'' duties, official sources told Business Recorder. In July last, the ECC while considering a summary of Commerce Ministry on revision of customs duty on PTA, had directed to mitigate the impact of tariffs on exports through duty drawback rates.
A committee headed by Secretary Finance with Secretary Ministry of Textile Industry and Chairman of FBR was empowered to decide the mechanism for refund of duties against ''deemed'' duties. The ECC had also directed that within a period of six months, the National Tariff Commission (NTC) would give recommendations based on whether ''deemed'' import drawbacks are warranted on account of loss suffered by industry due to escalation in cost of doing export business due to security situation.
A committee headed by Deputy Chairman of Planning Commission and comprising Chairman of Board of Investment (BoI), Secretaries of Commerce, Finance, Textiles Industry, Industries and Production and Chairman of NTC was constituted to review the tariff structure of the entire industry to determine optimal tariffs.
According to sources, the ECC was informed on November 4, 2010 that FBR has started working for determination of duty drawback rates on the basis of the available record pertaining to the items involved. "Exercise of determination of duty drawbacks will be completed as soon as the applicants furnish their claims along with fresh worksheets, showing item-wise consumption of imported raw material, incidence of duties and fob value of exported goods," sources said.
It was further stated that NTC had requested all concerned to furnish the data and review. However, due to slow response from stakeholders, the Ministry of Textile Industry has also been requested to pursue the matter with the stakeholders. The ECC, after detailed discussion, directed the Commerce Ministry to implement the decision on fast track basis in co-ordination with NTC, FBR and Ministry of Textile Industry.
Comments
Comments are closed.