ISLAMABAD: Federal Board of Revenue (FBR) on Saturday said that it has launched an updated version of automated refund payment system and taxpayers will not face hurdles in processing their claims. “No refund claim now can be stuck up at the pre-processing stage,” the FBR said in a statement. FBR’s automation process of refund of […]
ISLAMABAD: Federal Board of Revenue (FBR) on Thursday offered exporters to resubmit their refund claims which were stuck up due to any reason. The FBR said that sales tax refund claims of exporters, which were stuck up at pre-processing stage in Fully Automated Sales Tax e-Refund (FASTER) system due to any reason including erroneous filing […]
ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued procedure for over-ruling objections raised by Fully Automated Sales Tax e-Refund (FASTER) in order to facilitate taxpayers in obtaining their stuck up amount. The FBR issued Sales Tax Circular No. 01 of 2020 / IR-Operations to unveil the Standard Procedure for Over-Ruling the STARR objections on […]
KARACHI: State Bank of Pakistan (SBP) has invited business community to provide feedback on an ongoing project of automation of payment of tax refunds by the central bank. Dr. Reza Baqir, Governor, SBP held the online meeting with the business community today to seek feedback on an ongoing project of automation of payment of tax […]
ISLAMABAD: Federal Board of Revenue (FBR) on Friday announced extension in date for filing annexure-H (stock position) up to June 30, 2020 for the period July – December 2019. Filing Annexure-H is mandatory for taxpayers to claim sales tax refunds.In an official memorandum issued, the FBR extended the time limit for filing of Annexure – […]
KARACHI: Federal Board of Revenue (FBR) has been suggested to abolish tax refund culture and bring down sales tax at five percent. Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in its proposals for budget 2020/2021 suggested that the culture of refunds should be abolished and government should collect GST at the rate of […]
KARACHI: Overseas Investors Chamber of Commerce and Industry (OICCI) has recommended inter adjustment of income tax and sales tax refunds should be made part of the law. In its recommendations for budget 2020/2021, the representative body of foreign investors and multinational companies working in Pakistan, highlighted the issue of delay and procedural hassle in processing […]
ISLAMABAD: The government has released Rs100 billion for repayment of tax refunds and duty drawback in order to ease liquidity problems of industry, especially in the wake of coronavirus outbreak and lockdown. A statement issued on Friday said that under the government’s Rs 1,240 billion stimulus package announced by the Prime Minister on March 27, […]
KARACHI: Federal Board of Revenue (FBR) has said that it had never paid refunds against fake claims. In a statement issued on Thursday, the FBR clarified the news item about loss of revenue caused due to issuance of refund claims on fake registration by FBR published by some section of press and stated that no […]
KARACHI: Federal Tax Ombudsman (FTO) has directed tax authorities to initiate criminal proceedings against officials involved in processing bogus sales tax refunds. In an own motion in bogus refunds, the FTO observed that failure of the Regional Tax Office (RTO)-II Karachi to initiate action against the persons/officials involved in registration of fake refund payment and […]