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SBP facilitates exporters by restoring advance payment facility

KARACHI: The State Bank of Pakistan (SBP) has allowed the authorized dealers to effect advance payments up to US$10,000 per invoice on behalf of importers cum exporters for import of raw materials, accessories and spares. Earlier, the SBP had restricted the advance payment facility in July 2018 which was previously allowed to importers through authorized dealers. However on the intervention of the chamber of commerce and industry, trade associations and the ministry of commerce it has been decided to relax this ban to…

FBR advises central bank to pay sales tax refunds to exporters

ISLAMABAD: The Federal Board of Revenue (FBR) has issued an advice to the State Bank of Pakistan for making payment of sales tax refunds amounting to 8,741 million rupees to facilitate the exports. According to the FBR, the payment will benefit 739 claimants from five export-oriented zero-rated sectors which included textiles, carpets, leather, sports goods and surgical instruments. The refund has been paid against 4,117 payment orders issued up to November 8. It said those refund claimants who have not provided…