All sales tax refund claims to be processed through risk management system

ISLAMABAD: Federal Board of Revenue (FBR) has said that every refund claim of sales tax refund shall be processed through Risk Management System of the FBR’s computerized system. The FBR amended the Sales Tax Rules, 2006 through SRO 918(I)/2019 to make mandatory the routing of refund claims through RMS of the FBR’s computerized system. Based […]

by Mrs. Anjum Shahnawaz

Sales Tax Act 1990: Invoice issued by suspended taxpayers not to be entertained for refund, input adjustment

Apr 15

Exclusive, Taxation

Sales Tax Act 1990: Invoice issued by suspended taxpayers not to be entertained for refund, input adjustment

KARACHI: Any invoice issued by a person, who is suspended or black listed by tax authorities, may not be acceptable for refund claim or input adjustment by another registered person. According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the Section 21 of the Act explained the de-registration, blacklisting and […]

by Faisal Shahnawaz

Increase in refund claims by registered persons selected for audit

Apr 6

Taxation

Increase in refund claims by registered persons selected for audit

KARACHI: Federal Board of Revenue (FBR) has selected sales tax audit of those sales tax registered persons whose refund claims increased in a month over the corresponding month last year. According to risk parameters for selection of audit under Audit Policy 2018, the FBR selected audit cases through computerized balloting of those registered persons whose […]

by Faisal Shahnawaz

FBR to issue sales, income tax refund bonds

Mar 12

Budget, Supplementary Budget 2019, Taxation

FBR to issue sales, income tax refund bonds

ISLAMABAD: Federal Board of Revenue (FBR) will issue sales tax and income tax refund bonds through its subsidiary company ‘FBR Refund Settlement Company (Private) Limited. According to Finance Supplementary (Second Amendment) Act, 2019 the FBR Refund Settlement Company (Private) Limited will be incorporated under the Companies Ordinance, 1984, for the purpose of settlement of sales […]

by Faisal Shahnawaz

FPCCI laments delay in releasing refunds, duty drawback

Feb 21

Trade & Industry

FPCCI laments delay in releasing refunds, duty drawback

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has lamented delay in issuance of refunds and duty drawback to exporters. Engr. Daroo Khan Achakzai, FPCCI, President in a statement on Thursday urged the Finance Minister Asad Umar to release the exports sector’s overall outstanding refund claims including deferred claims; Customs Duty Drawback; DLTL […]

by Faisal Shahnawaz