ISLAMABAD: The Federal Board of Revenue (FBR) will introduce major changes in the Export Facilitation Scheme (EFS) 2021 to check revenue leakages and withdrawal of EFS facility from importers of iron and steel scrap.
Sources told Business Recorder that the FBR will issue the notification after fulfillment of legal formalities and approval of the Cabinet.
Recently, the Economic Coordination Committee (ECC) of the Cabinet has approved a summary submitted by the Revenue Division for introduction of necessary policy interventions in the Export Facilitation Scheme (EFS) 2021 with a view to plugging revenue leakages without disturbing the compliant exporters.
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The proposed changes in the EFS seek reduction in input utilization period, input authorization based on production capacity/input-output ratio, replacement of insurance guarantees with bank guarantees, vendor facilitation controls, drawl of samples to ensure the utilization of imported input in the exported goods, and withdrawal of EFS facility from importers of iron and steel scrap.
Sources added that the FBR will issue the draft SRO following approval of the Federal Cabinet in its next meeting.
Copyright Business Recorder, 2025
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