From July 1, 2021, the Federal Board of Revenue (FBR) will tighten conditions for exporters who use the scheme of “temporary importation of goods for subsequent exportation” without paying customs and taxes.
The Federal Board of Revenue (FBR) modified S.R.O. 492(I)/2009 on Wednesday with a notification.
Customs officials have been empowered under the amended scheme to conduct profiling of items being exported using the Risk Management System in order to determine if exporters have abused the facility of “temporary importation of goods for subsequent exportation.”
The modified method requires that the export be processed subject to risk assessment by the Risk Management System. With the consent of the Collector, the Assistant Collector or Deputy Collector in charge of the export station may examine products being exported in the event of specific information regarding the facility’s misuse. The examination’s findings will be uploaded to the system.
The FBR noted that immediately upon re-exportation of goods, the applicant must demonstrate to the competent Collector of Customs that the products were re-exported within the specified time frame.
The indemnity bond and post-dated cheque submitted at the time of import shall be released upon production of such evidence or declaration.