ISLAMABAD - The State Bank of Pakistan will immediately start disbursing Rs 1.089 billion to settle, in full, FY 2015 enhanced-export duty drawback of local taxes (DLTL) claims to the exporters.

On the initiative by Ministry of Commerce, the federal government had announced in the last budget to refund the amounts, paid by the exporters of non-traditional sectors as taxes on FOB values of their enhanced exports, if increased by 10 percent and beyond. The facility would also benefit the textile exporters.

The incentive for non-traditional port sectors was provided to fish and fish preparations, meat and meat preparations, spices, gloves, footballs and other sport goods, leather garments, other leather manufacturers, footwear, surgical goods, cutlery, electric fans, transport equipment, machinery specified for particular industry or other machinery or other electric equipment, furniture and pharmaceutical.

The Ministry of Commerce, in pursuance of the above initiative, accordingly issued an order, Drawback of Local Taxes and Levies Order, 2015, through SRO 415(I)/2015, on March 15, 2015.

Under the said SRO, the exporters of the above listed commodities were required to submit their claims, duly certified by the respective associations/chambers, to the State Bank of Pakistan (SBP) along with the supporting documents, as prescribed in the Order, by July 31, 2015.

During the said period, claims amounting to Rs 1.089 billion were received by the SBP through commercial banks for payments in the favour of various exporters.