The Federal Revenue Council (FBR) has been appointed to make major amendments to the EFS 2021 to prevent revenue loss and tighten controls on customs duties exempt.
One of the main reviews includes withdrawing the EFS facility from the scrap importers of iron and steel.
The changes, recently approved by the Economic Coordination Committee (ECC) in the Council of Ministers, aims to enhance organizational oversight without disrupting the compatible exporters.
The amendments include reducing the period of input use, aligning the input license with production capacity and input rates and outputs, replacing insurance guarantees with bank guarantees, and enhancing sellers facilitation controls.
In addition, the new policy will provide samples mechanisms to verify the use of imported raw materials in export goods, ensuring compliance with the declared use. FBR is expected to issue a legal regulatory order (SRO) as soon as the Council of Ministers will officially agree to the amendments at its next meeting.
