ISLAMABAD: The Federal Board of Revenue (FBR) on Friday amended the timeframe to file Annex-H for commercial exporters.
In a statement, the FBR said that commercial exporters are an important limb of the overall export body of Pakistan. Availability of Exports Proceeds Realization Certificate also known as Bank Credit Advice (BCA) is one of the important checks that are required for processing of sales tax refund claims of commercial exporters.
“During the recent meeting of Member (IR Operation) Dr Muhammad Ashfaq Ahmed with export bodies at Karachi, it was noted that in case of commercial exports, BCA is generally received in six months (one hundred and eighty days) and this timeframe is also recognized by the State Bank of Pakistan,” the statement read.
“The refund rules, however, require filing of refund claims within 4 months (one hundred and twenty days) for all types of exporters. This was a difficulty specific to commercial exporters and the FBR has amended the timeframe for filing Annex-H to facilitate the commercial exporters.”
It is believed that this step would encourage and help exporters find new markets and expand Pakistan’s export base at a rapid pace.
