Export growth linked to FBR’s strategy

Revenue board says it took measures to neutralise Covid-19 impact on exporters

ISLAMABAD:

The Federal Board of Revenue (FBR) has said that it has devised an integrated strategy which contributed to an increase in exports from $1.6 billion in August 2020 to $2.4 billion in December 2020.

Exports in December 2020 rose 18.3% compared with the corresponding month of previous year when shipments came in at $1.993 billion.

In a statement on Wednesday, the FBR, while highlighting the factors that had facilitated the growth in exports, pointed out that import duties on 1,623 tariff lines comprising basic raw material and intermediate goods were reduced to zero through the Finance Act 2020.

Moreover, in pursuance of the strategy, additional customs duties and regulatory duties on 164 items related to the textile sector, not manufactured in the country, were removed in collaboration with all the stakeholders.

“All these measures were undertaken to neutralise the adverse impact of Covid-19, especially on the exporters, and to make their products competitive in comparison to their competitors in the international market,” the statement added.

“Under the ‘Make in Pakistan’ initiative, the duty drawback rates for at least eight sectors were revised upwards by the FBR.”

During the exercise, more than 434,000 claims were disposed of and approximately 7,800 exporters benefited from the initiative.

Published in The Express Tribune, January 14^th, 2021.

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