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 ?
The majority are stuck as duty drawbacks which amount to over Rs.
It was also suggested that going forward, sales tax refund claims and customs duty drawback may be paid by the SBP through authorised dealers immediately at the time of realisation of export proceeds.
He said he would also take up the issue of stuck up sales tax refunds and duty drawbacks with the government for their early release.
He said that he would also take up the issue of stuck up sales tax refunds and duty drawbacks with the government for their early release.
Prior to the package, duty drawbacks were between 7.5 percent - 9.8 percent for apparels.
Under the special order, the committee will recommend to the commissioner the approval of a tax credit issued by the bureau as well as the approval of duty drawback claims processed by the DOF One-Stop Shop Inter-Agency Tax Credit and Duty Drawback Center (OSS-Center), and approving and signing documents related to the utilization of tax credits.
The commissioner refers here to the inclusion in the agreement of the so-called system of duty drawbacks, which allows import tariffs to be returned to Korean companies that use imported materials to make products for export.
A comparison of the official exchange rate and the kerb market exchange rate suggests that exporters lose by paying about 4.5 percent more in the kerb market to buy foreign exchange in order to make payments to the State Bank but gain in terms of duty drawbacks by about 12.5 percent by overinvoicing exports.
The system of duty drawbacks derives its authority from the said Act.
According to Mr Bashir, the APTMA management is also engaged with the government at various levels to obtain measures such as removal of upfront incidentals on the import of raw materials both cotton and man-made fibre, liquidation of all pending refunds on account of sales tax, duty drawbacks and textile policy outstanding.
Only Rs16 bllion of duty drawbacks have been made to the manufacturer/exporter to date.
KARACHI, June 24, 2011 (Frontier Star): Secretary, Ministry of Textile Industries (MINTEX), Shahid Rasheed said that the ministry of finance has been approached to release funds for the textile sector against duty drawbacks and other heads.