NBR allows duty-free imports for partial exporters against bank guarantee

The National Board of Revenue (NBR) has allowed duty-free import of raw materials by partial exporters against a bank guarantee, according to a press release today.

The benefit has been given to increase exports, it said.

The NBR said many exporters cannot avail a bonded warehouse license — a facility that allows businesses to import raw materials for export-oriented products without paying import tariffs — in accordance with the existing rules.

Now they will be able to get the duty-free benefit against a bank guarantee equivalent to the customs duty assessed by the customs authorities on the imported products.

The NBR expects that the new rules will boost exports.