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ISLAMABAD: The Federal Board of Revenue (FBR) has issued a new “indemnity bond” for exporters, who intended to sale or transfer plant/ machinery, equipment and apparatus from one Export Facilitation Scheme (EFS) user to another EFS user.

The draft of the new “indemnity bond” has been issued by the FBR for the exporters through amendments in the Customs Rules, 2001.

Under the new rules, the Regulatory Authority, on submission of an application by the EFS user, may allow sale or transfer of plant, machinery, equipment and apparatus from one EFS user to another EFS user. In case, both the units fall under jurisdictions of different Collectorates, sale or transfer may be allowed subject to obtaining no objection certificate from the destination Collectorate.

FBR amends export facilitation scheme-2021

Any stated sale or transfer shall be subject to security and indemnity bond for the remaining period as prescribed in Appendix-VI deposited at the time of import.

After sale or transfer of plant, machinery, equipment and apparatus, EFS user shall provide certificate to the respective Collectorate to the effect that such sale or transfer has been completed as per prescribed procedure and this procedure shall apply mutatis mutandis in case of merger or acquisition of EFS users. “Under the draft indemnity bond, the Regulatory Authority has allowed us (EFS user) to remove plant, machinery, equipment and apparatus from one EFS user to another EFS user, we shall pay on demand all duties, taxes, drawbacks, repayments, rebates and refunds, not levied or paid under the rules, on the procurement of plant and machinery which are not accounted for to the satisfaction of the Regulatory Authority and to pay any penalties imposed by the Regulatory Authority/ adjudicating officer for violation of these rules or the Acts.

“It is further agreed that the above amount may be recovered as arrears under relevant sections of the Acts and the rules made there under if the licensee fails to abide by any condition laid down in rules,” the indemnity bond added.

Copyright Business Recorder, 2023

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Tulukan Mairandi Jul 18, 2023 02:05pm
Worthless bonds, which, if called, will trigger a bank default and involvement of the establishment (to threaten to obtain a withdrawal of the call) and courts (to declare the call wrongful). Sham society
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