FBR suggested to abolish tax refund culture

May 10

Budget 2020-2021, Taxation

FBR suggested to abolish tax refund culture

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 […]

by Mrs. Anjum Shahnawaz

Tax refunds should be adjustable against liability recommended

May 9

Tax refunds should be adjustable against liability recommended

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 […]

by Faisal Shahnawaz

Rs100 billion released for tax refunds, duty drawback repayments

Apr 4

Taxation

Rs100 billion released for tax refunds, duty drawback repayments

ISLAMABAD: In a bid to alleviate liquidity challenges faced by the industry, particularly in the aftermath of the COVID-19 pandemic and subsequent lockdowns, the government of Pakistan has disbursed a substantial amount of Rs 100 billion for the repayment of tax refunds and duty drawbacks.

by Mrs. Anjum Shahnawaz

No refund payment made on fake claims: FBR

Mar 12

Taxation

No refund payment made on fake claims: FBR

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 […]

by Mrs. Anjum Shahnawaz

Criminal proceedings against officials of RTO-II Karachi in fake sales tax refunds ordered

Mar 3

Taxation

Criminal proceedings against officials of RTO-II Karachi in fake sales tax refunds ordered

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 […]

by Mrs. Anjum Shahnawaz

FBR advised to allow sales tax refunds on local supplies

Jan 28

Taxation

FBR advised to allow sales tax refunds on local supplies

KARACHI: Karachi Tax Bar Association (KTBA) on Tuesday advised Federal Board of Revenue (FBR) to allow sales tax refund to manufacturers making local supplies. The tax bar in a letter to FBR suggested in order to promote diversification of exports instead of relying solely on 5 export oriented sectors, you are requested to kindly issue […]

by Mrs. Anjum Shahnawaz

FBR allows filing Annexure H for July 2019 to claim sales tax refund

Dec 12

Taxation

FBR allows filing Annexure H for July 2019 to claim sales tax refund

ISLAMABAD: Federal Board of Revenue (FBR) has allowed filing of statement containing stock position for July 2019 to taxpayers for claiming sales tax refunds. In an official memorandum issued on Thursday, the FBR condoned the time limit for filing of Annexure – H for the tax period July 2019 up to January 15, 2020. Annexure-H […]

by Mrs. Anjum Shahnawaz

Exporters perturb over part of tax refund claims disallowed without reason

Dec 6

Trade & Industry

Exporters perturb over part of tax refund claims disallowed without reason

KARACHI: Pakistan Hosiery Manufacturers Association (PHMA) on Friday pointed out reduction in refund amount against original claim. The PHMA in a letter sent to Ms. Seema Shakil, Member Inland Revenue (Operations), Federal Board Revenue (FBR), informed that it is regretfully informed that against the 100 percent claimed sales tax refunds amount, FBR has cleared 60 […]

by Mrs. Anjum Shahnawaz

FBR to issue around Rs3 billion tax refunds in next couple of days: Hafeez Shaikh

Dec 5

Taxation

FBR to issue around Rs3 billion tax refunds in next couple of days: Hafeez Shaikh

ISLAMABAD: Federal Board of Revenue (FBR) will issue another Rs2 to 3 billion tax refunds in next couple of days, Dr. Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance and Revenue, said on Thursday in a meeting with leading businessmen. The adviser told the businessmen that FBR was working very hard to facilitate […]

by Mrs. Anjum Shahnawaz

FBR issues Rs5.5bn refunds through automated system: Shabbar Zaidi

Dec 4

Taxation

FBR issues Rs5.5bn refunds through automated system: Shabbar Zaidi

ISLAMABAD: Syed Shabbar Zaidi, Chairman, Federal Board of Revenue (FBR) on Wednesday said that around Rs5.5 billion sales tax refunds were issued through fully automated system. In a massage, he said that the FBR had released to this date around Rs 5.5 billion worth of refunds under fully automated FASTER system. “However the most important […]

by Mrs. Anjum Shahnawaz