Fully automated duty drawback payment system starts operations
- Dawood was of the view that in the future, Income Tax and Sales Tax refunds will also be fully automated to create a hassle-free facilitative environment for the exporters.
Prime Minister's Advisor on Commerce and Investment, Abdul Razak Dawood has informed that the automated computerized risk-based system of payment of duty drawback has started operations.
With the operation commencement a large number of exporters are now receiving their payments directly in their accounts from the State Bank of Pakistan (SBP) without any human interaction, he added.
The advisor informed that the system was conceived by the Ministry of Commerce and was implemented by Pakistan Customs, in coordination with the country’s central bank. “This is a very important step for the facilitation of the export sector,” he said.
Dawood was of the view that in the future, Income Tax and Sales Tax refunds will also be fully automated to create a hassle-free facilitative environment for the exporters.
Days ago, the Federal Cabinet has approved the Export-Import Bank of Pakistan (EXIMBP) Bill to facilitate exporters. The Bank will start its operations soon after enactment, informed Dawood.
The objective of the EXIM Bank is to support exporters with facilities such as export credit guarantees, financing for working capital and capital goods, project financing together with bid bonds, etc. “The EXIM Bank is another pillar being set up to support our exporters and hopefully, due to risk sharing by the Bank, it will enable us to move further with geographical diversification and various other goals enunciated in Strategic Trade Policy Framework,” said Dawood.
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