ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday said that an amount of Rs56 billion was paid as sales tax refunds to improve liquidity of exporters.
The FBR shared information about refund claims sanctioned through FASTER (Fully Automated Sales Tax e-Refund) system developed for quick processing of refunds due to exporters.
Since July 2019, Refund Claims amounting to Rs. 59 billion have been filed and FBR has sanctioned Rs. 56 billion, which comes to around 95 percent of the claimed amount.
During the month of March, FBR has sanctioned refunds of Rs. 25 billion approximately to exporters.
FASTER is a fully automated system which uses a Risk Management System for processing Sales Tax Refunds without human interference. FASTER is operational for the tax periods July and onwards.
FBR strives to make timely payment of Refunds to exporters so that they don’t face any liquidity issue.