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Long awaited duty drawback cuts finally announced
06 Mar '09
1 min read
The Federal Board of Revenue (FBR) after a delay of six months announced the reduction in duty drawback rates on exports of textiles, leather and a few other sectors. This was originally approved in the Union Budget of 2008-09.
These duty drawbacks will come in to effect from March 5, 2009. The delay has given rise to huge losses in the textile industry as these drawbacks were announced by its competitor countries like China and India a few months back itself.
The delay has been caused due to the work of assessing the drawbacks sector wise was given out to private consultants, but then was again given back to the customs authorities, who did not have the competency to complete the same, within a given period.
Click here to view file of sector wise duty drawbacks.
These duty drawbacks will come in to effect from March 5, 2009. The delay has given rise to huge losses in the textile industry as these drawbacks were announced by its competitor countries like China and India a few months back itself.
The delay has been caused due to the work of assessing the drawbacks sector wise was given out to private consultants, but then was again given back to the customs authorities, who did not have the competency to complete the same, within a given period.
Click here to view file of sector wise duty drawbacks.
Fibre2fashion News Desk - India
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