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coronavirus
Coronavirus
VERY HIGH
Source: covid.gov.pk
Pakistan Deaths
29,065
2324hr
Pakistan Cases
1,353,479
7,67824hr
Sindh
516,874
Punjab
458,879
Balochistan
33,812
Islamabad
115,047
KPK
183,403

ISLAMABAD: The Federal Board of Revenue (FBR) has fixed the utilization period for consumption of imported duties and taxes free input goods/raw materials for export goods from 24 months to 60 months for different categories of exporters.

Under the new Export Facilitation Scheme 2021 issued by the FBR, the input goods acquired under the scheme shall be utilized within the time-period prescribed. The utilization period for consumption of imported inputs/raw materials for category-A exporters is 60 months; category- Bl, utilization period 48 months; category-B2 utilization period 24 months; category-Cl 48 months and the utilization period for the exporters falling under the category-C2 has been fixed at 24 months.

‘Export Facilitation Scheme 2021’ notified

The input goods acquired under this scheme shall be utilized in the manufacture and export of output goods within the utilization period or disposed of in a manner as prescribed under these rules.

The user may remove input goods out of his premises for partial manufacture or processing by a vendor as declared in the application intimating the Regulatory Collector, in this behalf. Provided that in case the manufacturing process performed by the vendor is liable to sales tax and or federal excise duty, the processed goods shall be returned to the manufacturer in such manner as if these were exported without payment of sales tax and/or federal excise duty: Provided further that the output goods may be removed directly for export from the vendor to the customs station, FBR said.

New Export Facilitation Scheme 2021: FBR issues draft rules

The categorization of exporters revealed that the exporters shall be treated as per the following categories: (i) Category A: Manufacturers-cum-exporters with 60 percent or above exports of their total annual production in last two years. (ii) Category B: Manufacturers-cum-exporters with less than 60 percent total annual production being exported, this category shall be further subcategorized as under Category Bl: Manufacturers-cum-exporters having more than 3 years of export history. Category B-2: Manufacturers-cum-exporters having less than 3 years export history.

FBR unveils Export Facilitation Scheme-2021

(iii) Category C: Indirect exporter, commercial exporters and international toll manufacturers. Category Cl: Manufacturers having more than 3 years history of supplying to direct exporters or export as commercial exporter or international toll manufacturing; Category C2: Manufacturers having less than 3 years history of supplying to direct exporters or export as commercial exporter or international toll manufacturing, FBR added.

Copyright Business Recorder, 2021

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