The Federal Board of Revenue (FBR) has released draught rules for the new Export Facilitation Scheme 2021 and has requested feedback from industry, exporters, and other interested parties. The federal government has authorised the new Export Facilitation Scheme, which was voted by parliament under the Finance Act 2021.
This scheme will go into effect on August 14, 2021, and will continue for two years in parallel with existing schemes such as manufacturing bonds, DTRE, and export-oriented schemes. The existing old schemes will be phased out over the following two years, and the Export Facilitation Scheme 2021 will take their place completely.
The new scheme’s key characteristics include requiring minimal documentation and promoting new participants and SMEs. Under WeBoc and Pakistan Single Window, this plan will be totally automated (PSW).
The plan focuses on compliance inspections and audits after clearance. Exporters (makers, commercial exporters, and indirect exporters), common export houses, vendors, and international toll manufacturers are among the scheme’s users.
