FBR fulfils long-standing demand of fan manufacturers

ISLAMABAD: The customs wing of Federal Board of Revenue (FBR) on Tuesday issued a notification resolving the long-standing demand of fan manufacturers.

The newly issued notification has revised the duty drawback structure from 4.39pc to 1.72pc.

It is important to note that no revision was made in the regime for the fan manufacturers sector since 2009, and this had resulted in the stagnation of the fan exports.

Officials said that Pakistan Customs (FBR) is committed to achieving prime minister’s vision of “Make in Pakistan”, and is taking such landmark steps to boost exports.

They added that the enhancement in trade facilitation will lead to a considerable increase in exports, addressing liquidity issues of manufactures, ensuring reduction in the cost of doing business and maintaining competitiveness of manufacturers with the regional exporters.

Officials further claimed that a number of measures for various other export sectors are already under process and shall be announced very shortly which would result in a surge of exports in all important sectors like pharmaceuticals, leather garments, surgical goods, poultry, footwear and many other important sectors.

COUNTERFEIT CIGARETTES SEIZED

Meanwhile, as per the communique issued by the FBR, as part of the ongoing crackdown against illicit tobacco trade in light of the directions of the Peshawar Intelligence & Investigation-Inland Revenue (l&I-IR) Director-General Dr Bashirullah Khan Marwat, the authorities intercepted a truck near Mattani Byepass and recovered 216 cartons of counterfeit brands of cigarettes from it, which were clandestinely been transported to Rawalpindi via Motorway.

The counterfeit brands include Capstan, Gold Leaf and Morven etc, which belong to the sole domain of the multinational companies that pay huge taxes to the government. Value of the duty and taxes thus evaded through illegal movement is estimated at Rs4.5 million in addition to the goods own value of Rs2.2 million.

Since July 2020 onwards, it is 9th seizure in a row by the directorate as a result of which 5,700,000 sticks of counterfeit/non-duty paid cigarettes along-with vehicles have been seized for initiation of legal proceedings under the law.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Must Read

US not extending TikTok divestiture deadline, but talks will continue

WASHINGTON/NEW YORK: The Trump administration on Friday opted not to grant ByteDance a new extension of an order requiring the Chinese company to divest...