#Exports #confectionery #items #FBR #reduces #customs #duty
ISLAMABAD: To facilitate exporters of confectionery products, the Federal Board of Revenue (FBR) has significantly increased the reduction in customs duty on confectionery exports from April 26, 2021.
The FBR has amended the Standard Duty Drop Notification SRO. 212 (I) / 2009 via a notification issued here on Tuesday. According to the FBR statement, “In line with the Prime Minister’s ‘Make in Pakistan’ initiative, the FBR has issued SRO 520 (I) / 2021 dated 26.4,2021 to promote their exports. Increase the duty drop rate for confectionery items.
As per SRO 520 (I) / 2021, the limit of payment of customs duty on export of biscuits has been increased to 0.54% of the value of Freight on Board (FOB). The refund of customs duty will be 2.56% of the value of FOB on export of hard-boiled candies.
Customs duty on exports of candies and chocolate without flour has been capped at 3.73% of the FOB price.
The refund of customs duty on exports of jelly products will be 0.56% of the FOB value. The refund of customs duty on bubble gum exports will be 3.75% of the FOB value.
Following the Prime Minister’s vision, the FBR’s Pakistan Customs Wing has resolved the long-standing demand of exporters by paying a duty droprob claim of Rs. According to the FBR spokesperson, Rs 12,367 million has been sanctioned to exporters under the fully automated rebate system. This will go a long way in resolving the liquidity problem of the local industry and will boost the export-driven economy.
The FBR added that Pakistan Customs is proud to announce that the fully automated rebate system is in addition to DLTL payments made by the Ministry of Commerce.