FBR Tightens Exports for Conditions Evading Tax and Duties

From 1 January 2021, on exporters who use the "temporary import of products for later exportation" scheme, and who are not subject to taxes, the Federal Board of Revenue (FBR) has strengthened the criteria.

Through a notification published on Wednesday, the Federal Board of Revenue (FBR) modified SRO 492(I)/2009.

The new system empowers Customs authorities, using the Risk Management System, to do a profile of commodities exported, to verify that exporters have exploited the "temporary import of goods" facility for later exporting.

The export is processed pursuant to the Risk Management System profile under the modified method. The collector's assistant or the collector's assistant in charge of the export station may, with the consent of the collector, inspect export products in the event of specific information concerning the abuse of the plant. Examination findings are posted to the system.

The FBR further noted that the applicant must immediately submit to the customs collector involved the proof of the re- exportation within the specified period of time following the re-export of the goods.

The compensation bond and post-dated check presented at the time of importation shall be issued upon the submission of such documentation or declaration.

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