The State Bank of Pakistan (SBP) has introduced a performance-based rebate of up to 2% for exporters who increase their exports compared with the previous fiscal year.
The scheme, effective from July 1, 2026, covers exporters of both goods and services and is aimed at encouraging higher export growth.
Under the new mechanism, exporters will receive rebates based on their annual export growth.
Exporters achieving growth of up to 10% will receive a 1% rebate on incremental exports, while those recording growth above 10% will qualify for a 2% rebate on incremental export proceeds.
Exporters with no increase in exports will not be eligible for the rebate.
The scheme also allows exporters to receive 75% of the applicable rebate on a provisional basis if their exports during a quarter exceed their average quarterly exports in the previous year.
The remaining amount will be settled after the end of the fiscal year.
If an exporter’s full-year exports exceed the previous year’s level, the rebate for the final quarter and any outstanding amount from earlier quarters will be paid.
However, if full-year exports remain equal to or below the previous year’s level, provisional rebates paid during the first three quarters will be recovered by the designated bank and returned to the SBP within 15 days of the fiscal year-end.
The rebate will be calculated on incremental export proceeds realized in foreign currency.
Export proceeds received in currencies other than US dollars will be converted into dollar equivalents using the applicable exchange rate on the date the proceeds are realized.
Each exporter will also be required to nominate a designated bank to consolidate export proceeds received through different banks during the quarter.
The designated bank will then submit a combined rebate claim to the Financial Inclusion Support Department of SBP Banking Services Corporation.
The SBP has instructed banks to inform their exporting customers about the new rebate scheme and provide the necessary support for its implementation.
The Chief Internal Auditor and Chief Compliance Officer of the designated bank will also be required to verify and sign the consolidated rebate claims.
The new incentive is expected to encourage exporters to increase foreign exchange earnings and improve Pakistan’s overall export performance.
