ISLAMABAD, Nov 06 (APP): The Federal Board of Revenue (FBR) Friday amended the time-frame for filing of Annex-H by the commercial exporters to enable them find new markets and expand the country’s export base at a rapid pace.
The amend was made vide notification SRO.1172(1)/2020 dated 04.11.2020, said a press statement issued by FBR here.
The statement said that the availability of Exports Proceeds Realization Certificate also known as Bank Credit Advice (BCA) was one of the important checks that was required for processing of sales tax refund claims of commercial exporters.
However, during recent meeting of Dr. Muhammad Ashfaq Ahmed, Member (IR-Operations) with export bodies at Karachi, it was noted that in case of commercial exports, BCA was generally received in six months (180 days) and this time frame is also recognized by the State Bank of Pakistan.
Contrary to this, the Refund Rules, however, require filing of refund claim within 4 months (120 days) for all types of exporters.
This was a difficulty specific to commercial exporters, statement said adding that realizing the business need, the board amended the time frame for filing Annex-H for the commercial exporters vide notification SRO.1172(1)/2020 dated 04.11.2020.
It is believed that this step would encourage and facilitate them and help exporters to find new markets and expand Pakistan’s export base at a rapid pace.
The statement further said that the commercial exporters were an important limb of the overall export body of Pakistan.