Islamabad: The FBR (FBR) has made significant changes in the export financing plan (EFS) to address concerns about misuse and improve its effectiveness.
On Friday, FBR SRO301 (I)/2025 to amend the customs bases, 2001, released many updates to the scheme. It is worth noting that the export facilitation scheme (EFS) 2021 was withdrawn for the importers of the scrap of iron and steel.
In addition, FBR reviewed safety requirements to reach EFS. It will now be required now to be required by the minimum export value of $ 20 million over the past two years to provide post -dating compensation bond (PDC).
For manufacturers who go to exports less than $ 20 million, compensation bonds and PDC must match the average annual duties and taxes on the inputs used in exports over the past two years. In addition, a bank guarantee or a rotating bank guarantee will be needed for any overburdened duties and taxes.
FBR has also announced that users with a weak compliance date, including suspended recitations or criminal procedures, will be suspended immediately pending more review. Not compliance with reconciliation data or stock audits will also comment.
Additional changes under the revised procedure include a decrease in the period of input use, licensing inputs based on production capacity, input and output rates, replacement of insurance guarantees with bank guarantees, and facilitation controls. The revised rules also offer more strict monitoring of imported inputs to ensure their use in exported goods.
The commodities should now be used inputs under the plan within nine months, with extensions available only in exceptional cases and is subject to approval by a FBR committee. For exports against international tenders, to exempt projects or sectors in Pakistan, users will need to submit an advertisement through the web system.
