Business Central Admin The Federal Board of Revenue has planned an integrated strategy for ensuring an increase in the esports of Pakistan. Statements released mention factors that have helped the growth in exports and the import duties for 1623 tariff lines related to the basic raw materials along with intermediate goods have been reduced through the Finance Act (2020) to zero.
Additionally, the regulatory duties and customer duties on 164 items which are related to the textile sector and are not manufactured in Pakistan were removed with stakeholder collaboration. These measures are taken with the aim to neutralize the adverse impact of the pandemic due to Covid-19 mainly for the exporters and making their products more competitive in the international market.
FBR revised the duty drawback rates for around 8 sectors under the “Make in Pakistan” initiative. Over 434,000 claims have been disposed of and this initiative has benefited around 7,800 exporters. Moreover, the FBR has also paid 90% additional refunds compared to past fiscal years which has led to an increase in the export volume through the form of rising Tonnage Equivalent Units (TEUs) or containers from being 35,477 back in July 2020 to ending up at 62,591 in December 2020. This shows an increasing growth of 43%.
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