The Federal Board of Revenue (FBR) has issued draft rules for new Export Facilitation Scheme 2021 and called for comments from industry, exporters and other stakeholders. The new Export Facilitation Scheme has been approved by the federal government and passed by parliament under Finance Act 2021.
This scheme will be implemented from August 14, 2021 and will run parallel with existing schemes like manufacturing bond, DTRE and export-oriented schemes for two years. The existing old schemes shall be phased out in the next two years and will be fully replaced by Export Facilitation Scheme 2021.
The salient features of the new scheme include minimum documentation and encouraging new entrants and SMEs. This scheme will be completely automated under WeBoc and Pakistan Single Window (PSW).
The focus of the scheme is on post clearance compliance checks and audits. Users of this scheme include exporters (manufacturers cum exporters, commercial exporters, and indirect exporters), common export houses, vendors and international toll manufacturers.
Published in The Express Tribune, July 11th, 2021.
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