ISLAMABAD, Aug 31: The Central Board of Revenue (CBR) on Saturday issued an SRO 575(1) 2002 replacing SRO 417(1) aimed at facilitating manufacturers-cum-exporters to ensure timely payment of their claim refunds and for promoting country’s exports.

According to a press release issued by the CBR, in order to administer the claim of refunds of sales tax on materials consumed in the manufacture of exportable goods, the board had issued a notification SRO 417(I)2000 dated 17-6-2000.

The release added that almost all associations of exporters, even individual exporters repeatedly approached the CBR and even the Finance Minister Shaukat Aziz claimed the said SRO to be an obstacle in the growth of exports.

Shaukat during his budget speech had announced to set up a committee headed by Tariq Ikram, chairman of Export Promotion Bureau (EPB), to examine the existing refund rules with a view to removing difficulties being faced by exporters in payment of refunds.

The committee held a number of meetings to identify the problems in the refund system and to suggest corrective measures for timely payment to the exporters.

On the basis of the recommendations of this committee new refund rules unanimously agreed by all the stakeholders have been issued by CBR vide SRO 575(I)2002 dated 31.08.2002, the release added.—APP