FBR: A STEP TAKEN FOR COMMERCIAL EXPORTERS FOR AMMENDING TIME FRAME FOR FILING ANNEX-H

Commercial exporters are an important limb of the overall export body.Availability of Exports Proceeds Realization Certificate also known as Bank Credit Advice is one of the important checks that are required for processing of sales tax refund claims of commercial exporters.

During recent meeting of Dr. Muhammad Ashfaq Ahmed, Member (IR-Operations) with export bodies at Karachi, it was noted that in case of commercial exports, BCA is generally received in six months and this time frame is also recognized by the State Bank of Pakistan.

The Refund Rules, however, require filing of refund claim within 4 months (one hundred and twenty days) for all types of exporters. This was a difficulty specific to commercial exporters.

Realizing the business need, Board has amended the time frame for filing Annex-H for the commercial exporters vide notification SRO.dated 04.11.2020. This step would encourage and facilitate them and help exporters to find new markets and expand Pakistan's export base.