ISLAMABAD: Federal Board of Revenue (FBR) and State Bank of Pakistan (SBP) approved Rs36 billion to clear exporters’ refunds.
Sources at Federal Board of Revenue told Customs Today that the remain stuck refunds of the exporters can be categorised into two broader categories i.e. sales tax refunds that comes under the purview of the FBR and refunds of PM package that are being managed by State Bank of Pakistan, finance and commerce division jointly.
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Sources said that commerce division has always facilitated the exporters keeping in view the liquidity crunch. The two steps have been taken by commerce division for early release of refunds. Commerce Division has simplified the procedure for submission of claims to SBP in consultation with all the relevant stakeholders.
Sources said that as of 17-10-2018 claims amounting to Rs36 billion have been approved by SBP but are pending due to non-availability of budget. Commerce division has already requested finance division to release the amount.
Sources said that Ministry of Commerce is finalizing National Tariff Policy, which make the tariff structure to reflect trade policy priorities, improving competitiveness through duty-free access to imported raw materials and encouraging value addition through the principle of cascading of tariffs and removing anomalies in the tariff structure. The policy will aim to encourage value added exports of the country.
