ISLAMABAD: The exporters of the recycled copper sector have been allowed a reduction in the value of input goods to facilitate manufactures-cum-exporters in payment of duties and taxes.

According to the amendments proposed in the Customs Rules, 2001 through an SRO.1069(I)/2024 issued on Saturday, the users of the recycled copper sector may be allowed reduction in the value of input goods by the Regulatory Collector equivalent to value of wastages (iron and steel shredded scrap) generated during production of refined copper from the imported compressor scrap (HS 7204.4940) and motor scrap (HS 7204.4990) as per determined ratios.

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This is subject to the condition that leviable duties and taxes are deposited on the wastage upfront at the time of import deemed to be imported in that condition and FoB export value of refined copper is based on the value determined under section 25A of Customs Act, 1969 or minimum value in addition to the net recovered copper, whichever is higher, the FBR said.

The value reduced shall be uploaded by the Regulatory Collector in WeBOC or Pakistan Single Window (PSW), the FBR added.

Copyright Business Recorder, 2024