FBR releases Rs51.5bn sales tax refunds through automated system

FBR releases Rs51.5bn sales tax refunds through automated system

ISLAMABAD: Federal Board of Revenue (FBR) has released Rs51.5 billion sales tax refunds through fully automated online system since July 2020.

The FBR on Tuesday released information of release of refunds through Fully Automated Sales Tax E-Refund (FASTER) system.

As per record, since July 2019, a total of refunds amounting to Rs. 64.5 billion were claimed through FASTR System.

Out of it, refund cases of rupees Rs57 billion were processed. Out of these processed cases, refund payment of rupees 51.5 billion have been made to the exporters and businessmen so far.

The remaining unpaid refund cases have been withheld due to incomplete date provision by the exporters and businessmen.

The FBR introduced FASTER system for repayment of refunds to exporters against the deduction of taxes on their import of raw materials and other input taxes.

Through Finance Act, 2019 the sales tax zero rating was abolished for all the sectors availing the facility. However, in order to facilitate the exporters the FASTER system was introduced to make payment of their refunds within 72 hours.

FBR sources said that the tax authority had speed up the disbursement of refund payment to exporters, who were facing liquidity problems due to ongoing lockdown for prevention of coronavirus outbreak.

Leave a Reply

You have to agree to the comment policy.