18 June 2024 Punjab Khabarnama : The Finance Ministry and the Commerce and Industry Ministry are working on an institutional mechanism to verify tax refunds given to exporters under the government’s key duty remission scheme to steer clear of countervailing duties imposed by top importing countries such as the European Union and the US, a government official said.
This comes after the US and EU last year imposed countervailing duties (CVDs) on paper file folders, common alloy aluminium sheet and forged steel fluid following an anti-subsidy investigation. CVDs are tariffs on imported goods that are imposed to offset subsidies given by the exporting country’s government, aimed at protecting the domestic industry.
