To boost export trade, the National Board of Revenue (NBR) has issued a notification allowing partially export-oriented industrial enterprises to import raw materials duty-free against bank guarantees.
According to the notification, issued on September 25, export-oriented industries that cannot obtain bonded warehouse licenses under the existing bond management system will now be able to import raw materials or products without paying duties and taxes, reports BSS.
To avail of this benefit, enterprises must provide a bank guarantee equivalent to the amount of duties and taxes assessed by Customs on the imported goods, the NBR said in a press release on Monday.
The NBR expects that this move will help exporting enterprises maximize production capacity, diversify exportable products, and further expand the country’s export trade.
