FBR sets up RAC to boost exports

ISLAMABAD: The Federal Board of Revenue (FBR) has established a Regulatory Authority Customs (RAC) in a bid to boost the exports of the country. Additional collectors will run the RAC.

However, sale of such items within three years would entail full payment of duties and taxes while machinery sold after three years but before four years would entail payment of 75% taxes and duties. Similarly, the payment would be reduced to 25% after four years.

The notification stated that the export units could sale the machinery and machine parts after three years while the old models and their parts could be kept in scrap and sold on the permission of the concerned assistant collector. The RAC would also be able to renew export licences by up to two years, the notification maintained, adding that the FBR chief collector customs would only oversee monitoring of the authority while all powers would rest with the additional collectors.

Lastly, the RAC would also be the final authority to decide the matters pertaining to cancellation of export licences and the appeals filed in this regard.

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Original news : https://tribune.com.pk/story/2052490/1-fbr-sets-rac-boost-exports/