SBP will directly credit duty drawbacks to exporters’ accounts from Sep 1

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ISLAMABAD: The State Bank of Pakistan will credit the Duty Drawbacks directly into the accounts of the exporters from September 1, 2020, Advisor to the Prime Minister on Commerce and Investment Abdul Razak Dawood announced on Saturday in a tweet.

He wrote, “Exporters have always been wanting that their refunds go directly into their accounts from the SBP. I am pleased to announce that effective from 1st of September 2020, the SBP will be crediting the Duty Drawbacks directly into the bank accounts of the exporters. I am grateful to the State Bank of Pakistan & Pakistan Customs for establishing this system of direct transfer of Duty Drawback, without any human involvement on the initiative of Ministry of Commerce.”

Duty drawback is an export incentive that many countries, including Pakistan, offer to allow both exporters and importers recover certain duties, fees, or taxes paid on imported merchandise. It may be understood as a refund of duties collected on imported goods, which are then exported.

When Prime Minister Imran Khan approved the five-year Strategic Trade Policy Framework on March 13, 2020, there were indications that the new framework will incentivize several non-traditional sectors to boost exports as well as transfer the roles related to duty drawback and local taxes and levies (DLTL) and sales tax refunds from the Federal Board of Revenue (FBR) and the Ministry of Commerce to the SBP.

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