ISLAMABAD, May 11 -- The Federal Board of Revenue (FBR) has revised the Export Facilitation Scheme (EFS), allowing exporters to avail zero duty and import-stage taxes for 18 months while requiring six-monthly reconciliation statements.

Minister of State for Finance Bilal Azhar Kiani said the government extended the utilisation period under EFS from nine months to 18 months, providing exporters, particularly SMEs, more flexibility and cost savings.

The amendment permits an additional six-month extension beyond 18 months on a case-by-case basis, subject to approval by a committee, ensuring exporters can plan imports and production cycles without fiscal penalties.

FBR stated that the six-monthly reconciliation statement aims to safeguard ...