June 25, 2022

Pkrevenue.com

Pakistan Revenue

Tag: sales tax refund

FBR introduces refund mechanism for pharma sector
Mar 7
Taxation

FBR introduces refund mechanism for pharma sector

ISLAMABAD: The Federal Board of Revenue (FBR) on Monday introduced mechanism for payment of sales tax refund to pharmaceutical sector. In order to implement the mechanism the FBR issued SRO 383(I)/2022. The FBR amended Sales Tax Rules, 2006 through the instant SRO. The government withdrew sales tax exemption on drugs through Finance (Supplementary) Act, 2022 […]

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Tarin orders release refunds to edible oil importers
Aug 23
Taxation, Trade & Industry

Tarin orders release refunds to edible oil importers

ISLAMABAD: Finance Minister Shaukat Tarin on Monday directed tax authorities to expeditiously release refunds to importers of edible oil importers. He issued the directive at a meeting with a delegation of Pakistan Vanaspati Manufacturers Association (PVMA). The finance minister directed the chairman of Federal Board of Revenue (FBR) to assure expeditious disbursement of refunds to […]

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FBR’s appeal in bogus sales tax refunds rejected
Aug 22
Taxation

FBR’s appeal in bogus sales tax refunds rejected

An appeal of the Federal Board of Revenue (FBR) has been rejected by the President of Pakistan in issuance of bogus refund cases. President Dr Arif Alvi on Sunday disposed of 42 representations of the FBR in cases of bogus sales tax invoices, worth over Rs 1.2 billion.  The FBR had filed the representations with […]

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FBR enhances refund to export ratio
May 22
Taxation

FBR enhances refund to export ratio

ISLAMABAD: Federal Board of Revenue (FBR) has revised the processing parameters and increased refund to export ratio to 15 percent. According to Sales Tax General Order (STGO) No. 05 of 2021, the FBR announced to re-fix the ceiling of parametric refund-to-export ratio from the previous 12 percent to 15 percent of the export value for […]

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FBR constitutes refund resolution committee for KPK taxpayers
Dec 18
Taxation

FBR constitutes refund resolution committee for KPK taxpayers

ISLAMABAD: Federal Board of Revenue (FBR) on Friday constituted a provincial complaint resolution committee for settlement of issues relating of sales tax refund matters for Khyber Pakhtunkhwa (KPK). The FBR constituted the complaint resolution committee Khyber Pakhtunkhwa comprising following members for settlement of sales tax refund issues for taxpayers falling under the jurisdiction of field […]

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FBR constitutes refund resolution committees for Punjab taxpayers
Dec 15
Taxation

FBR constitutes refund resolution committees for Punjab taxpayers

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday constituted complaint resolution committees for settlement of issues relating to sales tax refund matters for the taxpayers in the province of Punjab. The FBR constituted two complaint resolution committees for Punjab North and Punjab South. The complaint resolution committee Punjab (South) shall comprise following members for settlement […]

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FBR decides releasing missing amounts of sales tax refunds
Dec 8
Taxation

FBR decides releasing missing amounts of sales tax refunds

ISLAMABAD: Federal Board of Revenue (FBR) on Monday decided to release missing amounts of sales tax refunds that were stuck up due to design flaws in the Fully Automated Sales Tax e-Refunds (FASTER) System. In this regard the FBR issued Sales Tax Circular No. 03 of 2020 to prescribe standard procedure for sanctioning of missing […]

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FBR amends rules for filing, processing of refund claims
Nov 5
Taxation

FBR amends rules for filing, processing of refund claims

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday amended Sales Tax Rules, 2006 for process and claims of refunds by commercial exporters. In this regard the FBR issued SRO 1172(I)/2020 to make changes in the Sales Tax Rules, 2006 regarding filing and processing of refund claims. Following rules have been amended: Rule 28. Filing and […]

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