AGP Recommends FBR to Ensure Customs Duty Drawback Should Not be More Than Actual Duty Paid
The Auditor General of Pakistan (AGP) has strongly recommended the Federal Board of Revenue (FBR) to ensure that customs duty drawback should not be more than the actual duty paid by the exporter.
The latest audit report of the AGP on customs duty drawback for 2011 issued to the FBR revealed that timely issuance of duty drawback has been ensured through Rule 222 of the Customs Rules, 2001 which provides a timeframe for processing and payment of duty drawback. Three field formations of customs processed duty drawback claims with delays ranging from 30 days to 2,614 days. It was also observed that 296,388 cases involving an amount of Rs. 25,825.96 million remained unprocessed without recording any reasons.
Denial of energy input to export industry at competitive tariff
National
March 12, 2021
ISLAMABAD: The denial by the government to supply gas and electricity at regionally competitive tariff to the export industry has not only jeopardized the expansion in industrial base and investment that have so far taken place in the textile sector but also the $2 billion investment that is in the pipeline.
And under the latest scenario, the expansion in industrial base has virtually come to rest, as all the new equipment and feasibility was based on sustained gas/RLNG supply at regionally competitive rates to provide stable and reliable power.
Expansion in industrial base stalled, Aptma tells PM
National
March 12, 2021
ISLAMABAD: The denial by the government to supply gas and electricity at regionally competitive tariff to the export industry has not only jeopardized the expansion in industrial base and investment that have so far taken place in the textile sector but also the $2 billion investment that is in the pipeline.
And under the latest scenario, the expansion in industrial base has virtually come to rest, as all the new equipment and feasibility was based on sustained gas/RLNG supply at regionally competitive rates to provide stable and reliable power.
This all has directly been conveyed to the prime minister of Pakistan by the APTMA chairman in his letter written on March 11, 2021.
Expansion in industrial base stalled, APTMA tells PM thenews.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenews.com.pk Daily Mail and Mail on Sunday newspapers.
Manufacturing under Customs Bonded Warehouse – Opening up new possibilities
SECTIONS
Last Updated: Jan 31, 2021, 10:02 AM IST
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Synopsis
The manufacturing industry expects that the government, through the Budget, would bring in incentives or new schemes to infuse fresh life and to also, promote foreign investment in this sector which will assist in generating employment.
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Under the CBWs scheme, a manufacturer is allowed to import duty-free inputs/capital goods for undertaking manufacturing in CBWs.
Union Finance Minister Nirmala Sitharaman would be presenting the Union Budget on 01 February 2021, one of the most critical Budgets in recent times as it would define India’s path to economic recovery. The Indian economy has been severely impacted by the COVID-19 outbreak which has resulted in growing unemployment, led to a sharp fall in the GDP and also lowered industrial output and profits, jeopardising growth prospects, crimping new foreign investment in ma