Drawback

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Drawback

A tax or duty rebate on imported goods that are exported at a later date.
References in periodicals archive ?
Payment of outstanding duty drawback of taxes and technology upgradation fund schemes would help mitigate the financial stress of textile exporters; however he urged for immediate payment of stuck up liquidity in sales tax, income tax and customs rebate refund regime to get maximum industrial growth and significant increase in exports.
1(42-A)TID/17-TR-II dated 12th December, 2017 of Duty Drawback Taxes Order 2017-18.
The Government of Pakistan does not assist when it also creates delays in refund processing with the rates of duty drawbacks and rebates already low in Pakistan as compared to regional peers.
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.
All applications for duty drawbacks, value-added taxes (VAT), and excise tax claims were then transferred under the OCOM.
An official said, 'So far in most of the remittance frauds we have found that exporters claim duty drawback on fake import bills.
KARACHI -- Chairman, Pakistan Tanners Association, Sheikh Saqib Saeed Masood has said in a press statement that very huge amounts of Duty Drawback & Sales Tax Refund Claims of the member exporters are stuck-up with the Collectorates concerned and have not been cleared so far despite numerous reminders issued to FBR.
A fresh package of incentives to promote exports is being worked out by the commerce ministry which will also require the finance ministry to forego revenue in terms of concessions such as the duty drawback scheme extended to exporters.
An exporter is tempted to over-invoice exports if (say) the duty drawback (export rebates/refunds/subsidies) rate is higher than the difference between inter-bank foreign currency exchange rate and the open market foreign currency exchange rate exporter needs to buy foreign currency from the open market to the extent of export over-invoicing to meet the total export-earning surrender requirement of the State Bank of Pakistan.
The Federation of Wholesale Distributors is calling for the withdrawal of duty drawback on at-risk alcohol products after the government admitted a fifth of the money paid out was fraudulently claimed.
According to the organisation, this duty drawback system will mean that South Korean manufacturers will maintain an unfair competitive advantage over their European competitors because they can purchase components from neighbouring countries and, subsequently, claim the import duties back when exporting the whole vehicle to the EU.
3 percent duty drawback on export of finished leather in order to compete India, China and Bangladesh.