Federal Board of Revenue (FBR) has successfully developed and rolled out a new module in WeBOC system for Online Export Facilitation Scheme (EFS) authorization application.
This facility can be availed by the exporters after getting registered in the WeBOC system, said a press release issued by FBR here. In this regard, a new feature for this purpose has been added in the WeBOC menu “Export Facilitation Scheme (EFS) / Export Oriented Unit (EOU) / Manufacturing Bond (MB)”.
The license application, which is available in WeBOC system, is to be filled online by the respective traders/exporters.
The online EFS application would be submitted to the relevant Customs formation where after initial scrutiny, it would be marked to Regulatory Authority who will further execute the approval process.
In both the cases where license is approved either provisionally or finally it will be forward to IOCO or EDB for the issuance of analysis certificate and message will be sent to the trader/exporter. An additional feature has also been introduced in the WeBOC system whereby the traders can apply online for the license of Common Export House.
The Common Export House will provide facility of purchasing imported intermediary goods/raw material to SMEs as well as direct and indirect exporters.
The stakeholders that include SMEs, Exporters, Customs Agents and Ministry of Commerce immensely lauded the initiative as a tool that will provide the much needed lift to Pakistan’s industry and exports, in turn creating employment opportunities and earning foreign exchange for the country.
By launching EFS module, Pakistan has achieved an important milestone envisaged in the Trade Facilitation Agreement, 2017.
This initiative will remove the bottlenecks faced by Small and Medium Enterprises in exporting their goods thus playing an effective role in improving country’s rating on World Bank’s Ease of Doing Business and trading across the borders indices.
Fahad is an entrepreneur and a marketing enthusiast who loves to write on trending topics. He loves travelling & playing tennis is what he does in his leisure time. He tweets @fahad164.
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