KARACHI: The Input-Output Coefficient Organization (IOCO) of the Federal Board of Revenue (FBR) has allowed provisional import of raw material under concessionary regime to M/s. Shahsons (Pvt) Limited till June 30, 2015.
M/s Shahsons (Pvt) Limited is located in Karachi as a manufacturer with the Sales Tax Department has applied under SRO 565(I)/2006 amended with SRO 565(I)/2014.
The IOCO approved the following raw materials, parts and components for the manufacturing of articles of stationary for the import at concessionary rate subject to the conditions:
01. Inks for ball points pens, fine liner and fiber tips for quantity at 2650 kgs at zero percent ad val.
02. Spring wire, 3297 kgs at zero percent ad val.
03. Cellulose nitrate, 3395 kgs at zero percent ad val.
04. Acrylic polymer (fast dying), 3619kgs at zero percent ad val.
05. Carboxyle-methyle cellulose and its salts (carboxy methyl cellulose), 2388 kgs at zero percent ad val.
06. Stamping foil, 1377 kgs, at zero percent ad val.
07. Wood Sandwich blocks with lead encased, 39,999 kgs at zero percent ad val.
08. sharpner blades, 56kgs at five percent ad val.
The IOCO said that the items falling under PCT headings as given hereunder are hit by local manufacturing CGO 11/2007 dated August 28, 2007, therefore may be released by the clearance collectorate as per condition 3 of the CGO ibid.
Raw Materials
09. Pigments and preparations based thereon (pigments), non-textile grade for the quantity of 2315 kgs at zero percent ad val.
10 Heat transfer film for the quantity of 869 kgs at zero percent ad val.
The IOCO said that the certificate is being issued provisionally subject to the following conditions:
The provisional certificate is being issued on the basis of information, provided by applicants in accordance with the SROs as amended from time to time and shall be valid till June 30, 2015. However, in case PCT headings turn out to be different then the declared headings after examination at clearance stage, the clearance collectorate shall check the local manufacturing conditions as per CGO 11/2007 before allowing release of goods and shall inform IOCO accordingly.
The raw materials, part and components shall be released against deposit of post dated cheque (PDC) for the differential amount of statutory rates of customs duty and the concessionary rates of customs duty at the time of clearance by the respective customs collectorates.
The import and clearance of raw materials as allowed under SROs is restricted to Karachi Port only.
All conditions and pre-requisites of the SROs shall be fulfilled by the applicant for claiming concession under the certificate.
Issuance of the provisional certificate does not entitle for concession if such concession is either not covered under SROs as amended from time to time or is barred under any other instruction, directive or order issued by the collectorate in this regard.
The provisional certificate shall be cancelled retrospectively, without any notice, if it is found that the applicant has misdeclared or concealed any material facts.
In case of withdrawal of concession, the utilizer of raw material shall be subject to statutory rates of customs duty.
The input material mentioned herein shall be subject to all such conditions, limitations and restrictions with regard to their importability as are stipulated in the provisions of the Import Policy Order in vogue. Import conditions shall be checked at the time of clearance by respective collectorates.
The applicants are required to observe all requisite formalities and furnishing of the information, as prescribed under the SRO or required by this office, for determining the bonafide of the concessions sought by M/s Shahsons (Pvt) Limited, failing which, necessary action shall be initiated as required under the SRO and the relevant provisions of the Customs Act, 1969.