SBP unveils Export Facilitation Scheme (EFS) for exporters
The State Bank of Pakistan has launched a novel initiative,
the Export Facilitation Scheme (EFS), designed to streamline exports by
permitting the import of input goods without the requirement of foreign
exchange remittance.
Under the Export Facilitation Scheme (EFS), a key feature is
the implementation of the International Toll Manufacturing (ITM) procedure.
This process allows a foreign principal to supply input goods to a local
exporter for the production of finished goods intended for export.
SBP
unveils fresh initiatives to boost IT exports and empower freelancers
In a circular, the State Bank of Pakistan (SBP) announced
the development of a module by Pakistan Customs/WeBOC to facilitate EFS,
covering import-cum-export transactions under ITM.
The Federal Board of Revenue (FBR) introduced Chapter-XL
"Export Facilitation Scheme (EFS)-2021" to Customs Rules 2001 through
SRO 1093(I)/2023 dated August 23, 2023.
As outlined in Rule 885, the International Toll
Manufacturing (ITM) procedure enables the direct or indirect import of input
goods from foreign principals without necessitating any remittance of foreign
exchange, as detailed in the SBP circular issued on Wednesday.
Source: The News