ISLAMABAD: The Federal Board of Revenue (FBR) on Monday notified rules for the new Export Facilitation Scheme (EFS) 2021 which will become effective on Aug 14.

The new EFS will run parallel with existing schemes like Manufacturing Bond, DTRE and Export-Oriented Schemes for two years. The existing schemes shall be phased out in the next two years and will be fully replaced by EFS-2021.

The new scheme has been approved by the federal government and passed by parliament under Finance Act 2021. EFS 2021 Rules can be accessed at the FBR website.

An official announcement said users of this scheme will include exporters (manufacturers cum exporters, commercial exporters, and indirect exporters), common export houses, vendors and international toll manufacturers.

Users shall be subject to authorisation of inputs by the Collector of Customs and Director General Input Output Organisation (IOCO).

Inputs include all goods (imported or procured locally) for manufacture of goods to be exported. These include raw materials, spare parts, components, equipment, plant and machinery.

Published in Dawn, August 3rd, 2021