ISLAMABAD: Federal Ministry of Finance has directed the State Bank of Pakistan (SBP) to take stern action against submission of fake Form-Es by the exporters and asked the banks to abide by the laws in letter and spirit and provide banking services to export processing zone authority (EPZA), Peshawar.
According to the details, Ministry of Finance also directed the State Bank to issue export development surcharge by banks and revamp the existing system of collection and remittance of export development surcharge and income tax on exports in the light of new accounting model.
It is important to mention here that the procedure for collection of export development has been revised so EDS will be collected in full by the authorized dealers at source from the rupee amount converted from the FCY on receipt of the full export proceeds.
The EDS so collected by the authorized dealer will be deposited, along with duly filled in enclosed schedule placed at Annexure-II, by the authorized dealer either on consolidated basis after collection from the branches, within 72 hours of deduction, for credit to federal government under sub-head 0213300 Export Development Surcharge maintained with NBP, FTC Branch Shahra-e-Faisal Karachi. In case of non-realization of export proceeds on due date in terms of sale contract or within 180 days from the date of shipment, whichever is earlier the banker will have to report the same to the customs authorities on the schedule attached at Annexure-III.