FBR revise rates of Duty Drawback for leather sector

The Advisor to Prime Minister for Commerce and Investment, Abdul Razak Dawood has said that the Pakistan Customs (FBR) has revised rates of Duty Drawback for the leather sector.

“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,” said Dawood in a statement.

“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,” he added.

The advisor had earlier informed that the government was taking steps to slash import duties on raw materials with a view to bringing down cost of production and increasing and decreasing volume that would allow export margin.

He assured that government would slash import duty on raw materials, especially palm oil to promote the soap manufacturing industry because that industry was very important as they were manufacturers of soap, detergent, sanitizer and other health care products. “We are watching the situation carefully and we hope that all matters will be managed in a better way for better economy results," he said.