July 11, 2003	Friday	Jumadi-ul-Awwal 10, 1424

ISLAMABAD, July 10: The tax authorities paid out Rs61.144 billion refund/rebate to exporters during the fiscal 2002-03 against Rs62.761 billion paid over the corresponding year, indicating a decrease of 2.57 per cent.

The Central Board of Revenue official statistics released here on Thursday showed the tax authorities paid out Rs43.934 billion sales tax refunds to exporters during the financial year 2002-03 against Rs35.958 billion in the corresponding year, showing an increase of Rs7.976 billion or 22.2 percent.

Similarly, the payment of customs rebate declined by Rs9.593 billion during the period under review to Rs17.210 billion against Rs26.803 billion of last year, showing a decline by 38 per cent.

Central Board of Revenue officials said the decline in customs rebate was mainly because of reduction in the duty drawback rates in the last budget. The reduction of duty drawback rates resulted in a saving of Rs20 billion for the national kitty.