ISLAMABAD: Over 1500 exporters are enjoying the facility of duty and tax free imports under the Export Facilitation Scheme (EFS) of the Federal Board of Revenue (FBR).
According to details released by the FBR, the Export Facilitation Scheme (EFS) has emerged as the leading export-oriented scheme aiming at facilitating exporters through single administrative documents with a special focus on small and medium enterprises. At present more than 1500 exporters are availing this scheme.
The manufacturers-cum-exporters (users) of “Export Facilitation Scheme” (EFS) would now be required to pay sales tax on procurement of local input goods to be used in the finished products.
EFS ends: Exporters now to pay regular income tax: IMF
Under SRO.1042(I)/2024, a user shall be entitled to acquire input goods without payment of customs duty, federal excise duty, sales tax, or withholding tax as per his authorization, all such acquisitions shall be retained in the manufacturing facility or premises of the user declared under these rules.
The input goods may be imported free of duty and taxes on filing of a Goods Declaration giving number of the authorization granted. The procurement of local input goods shall be allowed on payment of leviable sales tax, FBR added.
Through revised rules, the FBR had also expanded the scope of “Export Facilitation Scheme” (EFS) to allow manufacturers-cum-exporters to import certain textile inputs against allocated quota.
The FBR report revealed that to address the shortage of petroleum products in the country, the federal government introduced a Scheme for the import, domestic sale and re-export of petroleum products on foreign suppliers’ account under the customs bonded facilities. To operationalize the Scheme, the FBR notified rules in consultation with Ministries and other stakeholders.
To address the issue of congestion of dry ports and to reduce the dwell time/clearance time, further dry ports and Customs stations have been notified, ie, Dry Port Jia Bagga, M/s Sky Media (Pvt) Ltd, Karachi and M/s Seaboard Logistics (SMC-PVT) Ltd, Karachi as customs ports, declaration of M/s Qasim Freight Station Off-dock Terminal Karachi as well as enhancement of area of existing customs stations, the FBR report added.
Copyright Business Recorder, 2024
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