KARACHI,March 25: The Sales Tax Wing of Central Board of Revenue (CBR) has allowed cotton exporters to change their category.

Sources said cotton exporters, who wish to change their present category of commercial exporters to manufacturers-cum-exporters, have been directed to submit applications before March 29 to the authorities concerned.

They said that under the proposed Refund Rules 2004, to be implemented from the new fiscal year, the cases of refunds of manufacturers-cum-exporters would be preferred over commercial exporters.

Sources disclosed that the tax authorities have sent a letter to the concerned quarters of cotton trade, which reads: "It is notified for the information of exporters of raw cotton - who are registered as commercial exporters with the Collectorate of Customs House (Headquarters) - ... and involved in the process of packing and repacking of raw cotton bales ... for exports and who are interested in changing their category from commercial exporters to manufacturers-cum-exporters that they submit their details along with their registration number latest by March 29 to get the necessary changes with the Customs authority".

Member, Sales Tax, Shahid Ahmed Khan will make a detailed presentation on the draft of new Refund Rules 2004 on Saturday at the Federation House.

The News International, Pakistan