Manufacturing Bond Scheme; FBR lays down procedure for release of credit instruments

KARACHI: Federal Board of Revenue (FBR) has laid down the procedure for release of indemnity bond/post dated cheque and issuance of delay and detention certificates to the importers for manufacturing bonds.

In order to facilitate the manufacturers and exporters operating under manufacturing bond scheme, the FBR has laid down the procedure as per the Federal Tax Ombudsman recommendations and findings:

(i)        In case of import in manufacturing bond scheme, the post dated cheque furnished at the time of import will be released when evidence of export i.e. bank credit advice (BCA) is produced by the importer without delay as required under the Customs Act, 1969 and the Rules made thereunder;

(ii)      Subject to genuinity  of request and satisfaction of the authorized officer of customs that delay was beyond the control of importer, ‘certificate of delay & detention’ will be issued on the same day on which it is applied; and

(iii)    The terminal operators/port authorities shall honour the ‘delay & detention certificates’ issued by the department as prescribed vide SRO 82(I)/2008 dated January 25, 2008.

 

 

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