drawback

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drawback

Economics a refund of customs or excise duty paid on goods that are being exported or used in the production of manufactured exports
References in periodicals archive ?
To counter the menace of export over-invoicing which is depriving the exchequer with large sums following measures may be adopted: Introduce efficient duty drawback (or export rebate) system to provide a neutral environment to export firms, this will also curb export over-invoicing.
The World Trade Organisation (WTO) does not treat duty drawbacks at final stages and early stages of export production as "export subsidy".
This is why, today, we are confronted with the problem of limitations of the procedure on duty drawbacks.
Moreover, Kovacs argues that the safeguard clause negotiated by the Commission to mitigate the consequences of the duty drawback scheme is unlikely to be effective.
Mian Zahid Aslam, President Faisalabad Chamber of Commerce and Industry (FCCI) has said billions of refund claims in the context of Duty Drawbacks, Sales Tax and RandD are pending with the government.
In order to alleviate those concerns, DG Trade has agreed with South Korea to set up a special mechanism that will allow the EU to cap the use of duty drawbacks in case of a massive influx of Korean cars.
He said that three main issues had been identified; namely the energy crisis, immediate payment of duty drawbacks and exemption of withholding tax on exports.
Services in DG Taxud are adamantly opposed to the so-called system of duty drawbacks (see box) requested by Seoul and eventually accepted by DG Trade negotiators.
However, he assured the textile exporters that the Ministry of Finance had been approached to release funds for the textile sector against duty drawbacks and other heads.
Dr Mirza Ikhtiar Baig, Federal Advisor on Textile has lauded Governor State Bank Shahid Kartar to resume payments of duty drawbacks to the textile exporters with immediate effect including some of the payments which had been reversed on 30th June 2010 vide their EPD circular No 9 /EPP 1(51) DLTI-2010 dated 20th December 2010.