The Federal Board of Revenue has converted Director Input Output Co-efficient Organisation Karachi into Directorate General of Input Output Co-efficient Organisation (IOCO) to expand the functioning/work scope of the organisation across the country. Sources told Business Recorder here on Saturday that the Finance Bill (2013-14) has proposed amendment to the Customs Act, 1990 to include a new section.
After section 3DD, the following new section shall be inserted, namely:- "3DDD. Directorate General of Input Output Co-efficient Organisation.- The Director General of Input Output Co-Efficient Organisation (IOCO) shall consist of a Director General and as many Directors, Additional Directors, Deputy Directors, Assistant Directors and such other officers as the Board may, by notification in the official Gazette, it added.
Sources said that following amendment to the Customs Act, 1969, the Directorate General IOCO would be in a position to establish regional office at Lahore and other parts of the country. The Board has already withdrawn powers of Collectors of Customs to deal with duty or tax remission under survey-based concessionary notifications, determination of input-output ratios, wastages and fixation of rates for repayment or remission or duty drawback and handed it over to IOCO Karachi.
The Board had amended Customs Rules 2001 to curtail powers of Collectors of Customs through a notification. Under the past notification, the FBR has restrained the Collectors of Customs from exercising the powers to handle issues related to the survey-based concessionary notifications etc, sources said. Through the amended Customs Rules 2001, the FBR has created post of Director General IOCO, Director IOCO South and Director IOCO North.