FBR releases sales tax refunds worth Rs15.6bn: Hafeez Shaikh
ISLAMABAD: Adviser to Prime Minister on Finance Abdul Hafeez Shaikh announced that Federal Board of Revenue has cleared Rs15.6 billion in sales tax refunds on Wednesday.
Taking to the micro-blogging website Twitter, Hafeez Shaikh said that the amount was released against 8415 Refund Payment Orders (RPOs) to enhance the liquidity of businesses and economic activity in the country.
He said, “This is on top of Rs5.4 billion refunds cleared as bonds and adjustments.”
Earlier on August 29, in an unprecedented move, the Federal Board of Revenue (FBR) had introduced a new Fully Automated Sales Tax e-Refund (FASTER) system to facilitate the exporters.
According to FBR chief sales tax officer Hameed Memon, sales tax refund payments, under the new system, would be credited into the claimants’ bank accounts withing 72 hours.
He had said that the FBR introduced a new system to expedite the sales tax refund system and added that now export data would be verified online.
The officer had said that as soon as a refund payment order issued it would be forwarded to the State Bank of Pakistan for payment to the claimant.