Islamabad
The Federal Board of Revenue (FBR) has issued a draft of rules for new Export Facilitation Scheme 2021 and sought comments from industry, exporters and other stakeholders.
According to FBR press statement issued here Sat-urday, the New Export Facilitation Scheme has been approved by the federal government and passed by Parliament under Finance Act 2021.
This scheme would be implemented from August 14, 2021 and would run parallel with existing schemes like Manufacturing Bond, DTRE and Ex-port Oriented Schemes for two years.
The existing old schemes would be phased out in next two years and would be fully replaced by Ex-port Facilitation Scheme-2021, the statement said adding that the draft rules could be accessed at offi-cial website of FBR.
The Salient Features of new EFS-2021 include minimum documentation and encourages new en-trants and SMEs.
The statement said, the Scheme would be com-pletely automated under Web Based on Customs (WeBOC) and Pakistan Single Window (PSW).
The focus of the scheme is on post clearance com-pliance checks and audits while the users of this Scheme include Exporters (Manufacturers cum Exporters, Commercial Exporters, Indirect Export-ers), Common Export Houses, Vendors and Interna-tional Toll Manufacturers.
The users should be subject to authorization of in-puts by the Collector of Customs and Director Gen-eral Input Output Organization (IOCO).
Inputs include all goods (imported or procured lo-cal) for manufacture of goods to be exported like raw materials, spare parts, components, equipment, plant and machinery.
No duty and taxes would be levied on inputs im-ported by the authorized users and local supplies of inputs to the authorized users shall be zero rated.
Through this new scheme concept of Common Ex-port House to import raw material duty and tax free for subsequent sale to the authorized users espe-cially SMEs has been introduced. This Scheme also introduces concept of International Toll manufactur-ing.—TLPT
