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FBR extends time period for utilization of exports goods up to August 31

FBR extends time period for utilization of exports goods up to August 31

ISLAMABAD: The Federal Board of Revenue (FBR) in exercise of its powers under section 224 of the Customs Act, 1969 has extended utilization period up to August 31, 2020.

A large number of manufacturers-cum-exporters availing following export concessionary regimes have approached the Board with the plea that on account of the prevailing situation they could not export their finished/output goods within the prescribed time and therefore requested for an extension of time limit in utilization period of their inputs/imported goods Manufacturing Bond under Chapter XV of SRO 450(T/2001 dated Duty and Tax Remission for Exports (DTRE) under Sub Chapter 7 of i.18.06.2001 ii.Chapter XII of SRO 450(M)/2001 dated 18.06.2001

Export Oriented Units (EOU) under SRO 327(1/2008 dated 29.03.2008 .

Export Processing Zones (EPZ) under Sub-Chapter 3 of Chapter XII of SRO 450() / 2001 dated 18.06.2001.

Keeping in view the exceptional circumstances arising from the depressed domestic productivity and deepening international economic recession owing to COVID-19 pandemic, the Federal Board of Revenue in exercise of its powers under section 224 of the Customs Act, 1969 is pleased to extend utilization period up to August 31, 2020 in the aforesaid3.export schemes where utilization period has expired on or after March 1, 2020.

Make sure that their output goods are exported during this extended period.

Since the extension is being granted to facilitate and to prevent any possibility of some loss or hardship to the export industry, it is advised that all those availing this facility must.

This facility is not applicable to those cases where any duty/taxes have been recovered by a MCC during the period from 01.03.2020 to the date of issuance of this order due.