| Islamabad: The Federal Board of Revenue (FBR) has implemented significant changes to the Export Facilitation Scheme-2021 requiring exporters to submit their export performance details for the past 2-3 years, along with a summary of foreign exchange realized, according to news published in the leading newspaper on July 14.
Read: FBR shares details on updated Sales Tax, Federal Excise Acts
As per the details, the board has modified the Customs Rules 2001 through SRO.917(I)/2023. It was shared that to utilize the facility, exporters must apply online to the Regulatory Collector, providing their export performance for the relevant period and a summary of foreign exchange realized through e-forms, if applicable.
The revised scheme includes a new definition for “online marketplace,” encompassing electronic interfaces like marketplaces, e-commerce platforms, and website portals that facilitate the export of goods, including third-party exports.
Read: FBR shares Income Tax Return forms for SMEs
Furthermore, the FBR has revised the procedure for international toll manufacturing by exporters. Users must now provide an I-Form of nil remittance value for input goods, approved by the authorized dealer concerned. |
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