Drawback

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Drawback

A tax or duty rebate on imported goods that are exported at a later date.
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References in periodicals archive ?
Mohammad Zubair Motiwala and Mohammad Jawed Bilwani maintained that the exports were increased by 13 percent in last couple of months owing to the duty drawback incentive, which should continue to be given beyond June this year.
'The revised notification should be issued in consultation with the real stakeholders, restoring the required clause of 'Association Role' for the true implementation of PM Package, with full accuracy and transparency of duty drawback disbursement to the exporters on merit,' the chairman said.
A large number of other industrial and exporters associations including the Pakistan Hosiery Manufacturers Association as well as the Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) have also rejected the government's move of eliminating associations role in the disbursement of Duty Drawback under PM Package.
Pakistan Apparel Forum (PAF) Chairman Muhammad Jawed Bilwani, CAPTA Chairman Zubair Motiwala, PHMA Chairman Dr Khurram Anwar Khawaja, PAKSEA Chairman Kamran Chandna and others, in a joint statement, said that the Ministry of Textile Industry vide its notification number 1(42-A)TID/17-TR-II dated October 20, 2017, announced Duty Drawback of Taxes Order 2017-18 relating to the prime minister export package for exporters on export of textile items, but still after lapse of 35 days, procedure for applying DDT claims under revised PM export package 2017-18 has not issued which was to be formulated by the SBP in consultation with the Ministry of Textile Industry, they lamented.
The textile division has notified that duty drawbacks under this order shall be allowed for exports goods declaration (GDs) filed on or after July 1st, 2017 to 30th June, 2018 at the rate of 7% for garments, 6% for made-ups, 5% for processed fabrics, 4% for greige fabric and yarn.
While giving recommendations to further improve disbursement mechanism in duty drawback of taxes scheme, he said that incentive amount should be directly credited to the exporters account at the time of realization of export proceeds and SBP may subsequently claim the amount from the government.
They urged the government to take on board the stakeholders while drafting and finalising the Duty Drawback of Taxes Order 2017-18 and share the draft for review.
He said that after the payments the FBR would start process to clear the entire amount under all the heads including sales tax, income tax and duty drawback estimated at Rs 201 billion within few months.
Prime Minister Nawaz Sharif had announced incentives worth Rs.180 billion in a bid to boost Pakistan's sagging exports, declaring 7% duty drawback rates for value-added textile exporters.
Rauf Alam said that after the payments the FBR will start process to clear the entire amount under all the heads including sales tax, income tax and duty drawback estimated at Rs 201 billion within few months.
In revised Prime Minister Package of incentives for exporters approved by Economic Coordination Committee (ECC) of the cabinet in order to provide duty drawback of taxes collected exporter units and extends to whole Exports Processing Zones (EPZs) in the country.
The spinning sector finally received incentives in terms of duty-free import of cotton as well as a 4% export rebate, as against 7% duty drawback for the value added sectors.