KARACHI: Directorate of Input-Output Coefficient Organization (IOCO) (North), has been made operational from October 7, 2021. In line with the vision of the Prime Minister for the sake of trade facilitation to encourage local manufacturing for generation of employment and to reduce the cost of imports, the FBR has operationalized the Directorate of IOCO (North) at Islamabad.
Earlier, the local manufacturers and exporters located in the KP province, Northern Areas, Rawalpindi Division and Islamabad had to travel all the way to Lahore to resolve their issues at the Directorate of IOCO, Lahore because there was no IOCO Directorate, in the North Region.
On the request of the local manufacturing industry and exporters, the FBR has established the Directorate of IOCO (North) at Islamabad. The local manufacturers and exporters will save on time and expenses of traveling to Lahore because now they will get same service in Islamabad.
The Directorate will cover a vast region from Rawalpindi Division, Islamabad, KP province to Gilgit-Baltistan up to Sost Customs Station. It is further added that the Directorate of IOCO (North), will perform functions i.e., (i) Determination of duty drawback rates for repayment; (ii) Determination of the input-output ratios and wastages in respect of input goods; and (iii) Determination of quantitative requirements for local manufacturers.
The Directorate of IOCO (North), located at the Customs House, G-9/1, Mauve Area, Islamabad will be closely working with the local industry and exporters to minimize the hurdles faced by them for maximizing ease of doing business.
Copyright Business Recorder, 2021
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