Validity of manufacturing bond licences may be extended

KARACHI: The validity of manufacturing bond licences may be extended from one year to three years, said Member Customs, Federal Board of Revenue (FBR), Munir Qureshi.

Speaking at a meeting organised by the Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) to identify their members’ issues related to customs, Munir assured the members of resolving their pending rebate duty drawback claims.

“Pakistan Customs is extending full cooperation to genuine exporters and will continue to do so in the future as well,” he added.

He informed the members that it is top priority of Pakistan customs to resolve the problems of exporters regarding delay in process of exports. Such delays not only cause financial losses to the exporters, but also causes losses to the national exchequer, he said.

Chairman, PRGMEA (South Zone), Shaikh Shafiq Rafiq  said that an improvement in the procedure of Duty and Tax Remission for Export (DTRE) is the need of the hour as it will enable Pakistan to compete with China, India, Bangladesh, Sri Lanka and other countries for the global market share.

Rafiq urged the concerned department to review the pending claims of duty drawback on monthly basis and release them at the earliest.

He also raised the points facing textile exporters for obtaining duty drawback. He said that the garment exporters are earning $3 billion annually and are the back bone of the textile industry.

Published in The Express Tribune, July 25^th, 2010.