The Federal Board of Revenue (FBR) released draft rules for new Export Facilitation Scheme 2021. FBR also called for comments on this new export scheme from industry, exporters and other stakeholders. The new Export Facilitation Scheme has already been approved by the federal government and passed by parliament under Finance Act 2021.
The export scheme will be executed from August 14, 2021. At start this scheme will run parallel with existing schemes like manufacturing bond, DTRE and export-oriented schemes for two years. Then the current old schemes shall phase out in the next two years. Further, it will fully replace by Export Facilitation Scheme 2021.
The important features of the this new export scheme consists minimum documentation and encouraging new entrants and SMEs. This export scheme will completely automated under WeBoc and Pakistan Single Window (PSW).
The new scheme will impact on post clearance compliance checks and audits. Stakeholders and users of this export scheme will include exporters (manufacturers cum exporters, commercial exporters, and indirect exporters), common export houses, vendors and international toll manufacturers.