ISLAMABAD - Federal Board of Revenue (FBR) has devised an improved system of issuance of Exemption Certificates under Section 148 of the Income Tax Ordinance-2001 particularly for the import of raw material and intermediaries used by industries. This intended system is to be based on Automated Risk Based Mechanism to reduce processing time and in issuance of exemption certificates thereby avoiding unnecessary delays costing the importers. The automated system will require submission of check listed information from the user. The information included material is imported by the industrial undertaking along with picture of the manufacturing factories properly geo-tagged. Material is imported for own use. Any raw material has been substituted for another raw material. Exemption has been applied in respect of raw materials specified in sub section (8) of section 148. This is not the first tax year of the taxpayer. FBR has further devised a procedure which has to be adopted for issuance of exemption under Section-148 for import of raw material. Under the new procedure, the Commissioner will issue exemption certificate in case of public limited company within seven (07) days, in case of private limited company within ten (10) days and in case of all other persons within fifteen (15) days of filing of application through an automated system. If the commissioner fails to take action on the application within the above mentioned time limits, the system will issue exemption certificates to the taxpayer. However, such exemption certificate issued to all persons, except public limited and private limited companies, shall be provisional.