FBR launches another initiative for the facilitation of exporters
Federal Board of Revenue (FBR) has extended the utilization period of input goods under export facilitation schemes up to February 28, 2021, the authority announced through their Twitter handle on Wednesday.
This extension is applicable for all three schemes that are Manufacturing Bond, Export Oriented Units and Export Processing Zones. This measure shall ensure that the feared losses of these exporters due to Covid-19 Pandemic wherein orders were either canceled or delayed shall be addressed, FBR said.
The utilization period may be understood as the time duration starting on the effective date of an agreement or sale contract and ending on either the day when the facility amount is fully used or a set date given for the utilization of that amount.
To simplify it further, the FBR has given more time to the exporters to use the government’s export facilitation scheme because they have not been able to move their goods within the previously allowed time limit by the FBR, due to constraints brought on by the Coronavirus pandemic and suspension of trade and movement of goods.
FBR also said that the Pakistan Customs department of the FBR is committed to achieve the vision of the prime minister for the facilitation of exporters and addressing their genuine hardships on a proactive basis at their doorsteps. “Such steps shall boost exports and will result in trade facilitation by ensuring the competitiveness of our exported goods in international markets.”