FBR proposes key Customs Amendments to streamline EFS

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MG News | July 30, 2025 at 11:35 AM GMT+05:00

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July 30, 2025 (MLN): The Federal Board of Revenue (FBR) has proposed comprehensive amendments to the Customs Rules, 2001. These revisions, spanning multiple tax and excise laws, aim to enhance regulatory clarity and streamline the operations of the Export Facilitation Scheme (EFS).

According to the draft released on Tuesday, the most notable changes include the exclusion of raw cotton, cotton yarn, and grey cloth from EFS benefits. However, the FBR has allowed a transitional window for consignments shipped within ten days of the notification's issuance.

In a move to diversify financial securities under EFS, the FBR has introduced the concept of “insurance guarantees,” which can now substitute bank guarantees if issued by AA++-rated insurance firms approved by the Board.

This change appears across several clauses, signalling a broader policy shift toward flexibility in guarantee formats.

Further refinements focus on scrap import regulations. Compressor and motor scrap will now be assessed for copper content only, at 8% and 10% by weight, respectively, while remaining steel components will be taxed at the import stage and restricted to registered melters.

EFS users stand to benefit from increased operational freedom, with a provision allowing acquisition of up to 10% additional raw materials without prior approval.

Moreover, utilization periods have been extended from 60 to 90 days, and in exceptional cases, a committee comprising senior officials from FBR, the Ministry of Commerce, and the Ministry of Industries may approve extensions of up to nine additional months.

The FBR has invited objections and suggestions from stakeholders within five days of the notification's publication in the Gazette, following Section 219(3A) of the Customs Act.

Copyright Mettis Link News

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