Commercial exporters are a crucial part of the overall export body of Pakistan. The Availability of Exports Proceeds Realization Certificate, which is also called ‘Bank Credit Advice’ (BCA), is one of the vital checks required for the processing of the sales tax refund claims of commercial exporters.
During a recent meeting between Member IR-Operations Dr. Muhammad Ashfaq Ahmed and export bodies at Karachi, it was noted that in case of commercial exports, BCA is generally received within six months (180 days) and that this time frame is also recognized by the State Bank of Pakistan (SBP).
The Refund Rules, however, require the filing of a refund claim within four months (120 days) for all types of exporters, which was particularly difficult for commercial exporters. Realizing the business need, the board has extended the time frame for the filing of Annex-H for commercial exporters vide notification SRO.1172(1)/2020 dated 04.11.2020.
This step will encourage and facilitate them and help the exporters discover new markets and rapidly expand Pakistan’s export base.
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