The Federal Board of Revenue (FBR) has issued a preliminary draft format of the insurance guarantee for exporters under the Export Facilitation Scheme.
In this regard, the FBR has released the draft insurance guarantee format under the Export Facilitation Rules, which were implemented through SRO 957(I)/2021 dated 30 July 2021.
Beneficiaries of this scheme include exporters such as manufacturer-cum-exporters, commercial exporters, and indirect exporters. Additionally, common export houses, vendors, and international toll manufacturers are also among its users.
The FBR has issued drafts for both irrevocable and unconditional types of insurance guarantees for exporters. According to the FBR, an insurance guarantee refers to a guarantee issued by an insurance company registered with the Ministry of Commerce, having a minimum rating of “AA” from the Pakistan Credit Rating Agency.
Exporters can obtain a copy of the draft format of the insurance guarantee from the FBR’s website.
