Partial exporters can import duty-free raw materials with bank guarantee

The National Board of Revenue (NBR) has offered partial exporters the facility to import raw materials duty-free after submitting a bank guarantee. The tax collection agency shared the information in a press statement on Monday. The statement said the NBR had issued a notice on Thursday to provide duty-free facilities to partially exporting industrial companies to import raw materials against bank guarantees with the aim of “expanding export business”. As per the notice, export-oriented industrial companies unable to obtain a bonded warehouse license under the existing bond management conditions have been given the facility to import raw materials or products without paying customs duties and taxes. Previously, only bonded licensed industries received such benefits. All these industries were 100 percent...