Nov 30

Exporters claim Rs62 billion fresh refunds stuck up despite FBR’s 72-hour clearance assurance

KARACHI: The new 72-hour sales tax refund clearance strategy of Federal Board of Revenue (FBR) has failed as another Rs62 billion refunds were stuck up since launch of the new systems, exporters said. Muhammad Jawed Bilwani, Chairman, Pakistan Apparel Forum in a statement on Friday said that around Rs62 billion of textile exporters liquidity held […]

by Mrs. Anjum Shahnawaz

ECC approves Rs30bn for redemption of sales tax refund bonds

Nov 28

Taxation

ECC approves Rs30bn for redemption of sales tax refund bonds

ISLAMABAD: The government has approved Rs30 billion for redemption of sales tax refund bonds issued by the Federal Board of Revenue (FBR). The Economic Coordination Committee (ECC) of the Senate in a meeting yesterday took up a proposal by FBR and approved a technical supplementary grant to the tune of Rs 30 billion for the […]

by Mrs. Anjum Shahnawaz

Properly filled stock statement to ensure refund in 72 hours: FBR

Nov 27

Taxation

Properly filled stock statement to ensure refund in 72 hours: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has said that property filled stock statement will ensure processing of sales tax refunds within 72 hours. The FBR said that properly filled Annex-H, which is form to provide details of stock statement, without objections and anomalies of data will ensure processing in 72 hours. The FBR said that […]

by Mrs. Anjum Shahnawaz

Sales tax refund payment falls by 70 percent in last year

Nov 16

Taxation

Sales tax refund payment falls by 70 percent in last year

ISLAMABAD: Federal Board of Revenue (FBR) has issued only Rs21.16 billion as sales tax refunds during last year which is 70 percent less than the preceding fiscal year. According to FBR’s Year Book 2018-2019, the revenue body had issued sales tax refunds amounting to Rs21.16 billion as against Rs70.5 billion in the preceding fiscal year, […]

by Mrs. Anjum Shahnawaz

FBR issues guidelines to facilitate issuance of sales tax refunds in 72 hours

Nov 9

Taxation

FBR issues guidelines to facilitate issuance of sales tax refunds in 72 hours

ISLAMABAD: Federal Board of Revenue (FBR) has issued guidelines to facilitate taxpayers in issuance of sales tax refunds within 72 hours. The FBR issued user guidelines for filing Annexure – H i.e. details of stock position of sales tax registered persons. This annexure is mandatory for refund claimants and they may submit statement within 120 […]

by Mrs. Anjum Shahnawaz

Post refund divisions to be set up at RTOs/LTUs to audit claims

Oct 23

Exclusive, Taxation

Post refund divisions to be set up at RTOs/LTUs to audit claims

ISLAMABAD: Federal Board of Revenue (FBR) has decided to audit sales tax refunds by establishing ‘refund division’ at all Regional Tax Offices (RTOs) and Large Taxpayers Units (LTUs). According to amended Sales Tax Rules, 2006 issued by the FBR the Rule 27 has been amended to establish Centralized Sales Tax Refund Office (CSTRO), Refund Division […]

by Mrs. Anjum Shahnawaz

Sale tax refunds to be released on declared stock statement: FBR

Oct 21

Taxation

Sale tax refunds to be released on declared stock statement: FBR

ISLAMABAD: Federal Board of Revenue (FBR) on Monday said that refunds will be issued only on stock statement declared by sales tax registered persons. The FBR issued Sales Tax Circular No. 04 of 2019 to explain the issuance of refund payment under FASTER refund module. The FBR said that refund will be processed on the […]

by Mrs. Anjum Shahnawaz

SBP urged to direct banks for accepting sales tax refund bonds

Oct 19

Trade & Industry

SBP urged to direct banks for accepting sales tax refund bonds

KARACHI: The business community has urged State Bank of Pakistan (SBP) to issue directives to banks for accepting sales tax refund bonds in order to ease hardship in liquidity issues, especially for the exports. Karachi Chamber of Commerce and Industry (KCCI) in this regard wrote a letter to SBP Governor Reza Baqir and apprised him […]

by Mrs. Anjum Shahnawaz

Karachi Chamber expresses concerns over pathetic performance of new refund issuance module

Oct 2

Trade & Industry

Karachi Chamber expresses concerns over pathetic performance of new refund issuance module

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Agha Shahab Ahmed Khan has expressing deep concerns over the poor and pathetic performance of the recently launched Fully Automated Sales Tax e-Refunds (FASTER) module. In a statement on Wednesday he stated that FBR claimed of processing payments of Sales Tax Refunds for the tax period […]

by Mrs. Anjum Shahnawaz

FBR allows refund, adjustment under abolished sales tax special procedure

Sep 14

Taxation

FBR allows refund, adjustment under abolished sales tax special procedure

ISLAMABAD: Federal Board of Revenue (FBR) has allowed refund and adjustment that are stuck up as sales tax special procedure was abolished through Finance Act, 2019. The FBR on Friday issued Sales Tax General Order (STGO) No. 105 for allowing adjustment / refund of sales tax paid under special procedures. The FBR said that through […]

by Mrs. Anjum Shahnawaz