FBR processes refund claims with data errors under FASTER system

Jan 17

Taxation

FBR processes refund claims with data errors under FASTER system

KARACHI: Federal Board of Revenue (FBR) on Friday said it processed refund claims with data errors under Fully Automated Sales Tax e-Refund (FASTER) system. The FBR urged FASTER Refund claimants to file refund claims in sequence i.e. July 2019 and then August 2019 and so on. “Claims with data errors, rolled back and re-submitted claims […]

by Mrs. Anjum Shahnawaz

FBR pays Rs11 billion refunds through FASTER system

Dec 26

Taxation

FBR pays Rs11 billion refunds through FASTER system

ISLAMABAD: Federal Board of Revenue (FBR) has paid sales tax refunds worth Rs11 billion through its newly introduced online system since July 01, 2019. In a statement issued on Thursday, the FBR said that it had issued refunds through Fully Automated Sales Tax e-Refund (FASTER) system without human intervention worth Rs11 billion against claims of […]

by Mrs. Anjum Shahnawaz

Hafeez Shaikh directs FBR to simplify Form-H within a week, expedite sales tax refund payment

Dec 3

Taxation

Hafeez Shaikh directs FBR to simplify Form-H within a week, expedite sales tax refund payment

ISLAMABAD: Dr. Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance and Revenue, on Tuesday directed Federal Board of Revenue (FBR) to simplify form-H within a week and expedite payment of sales tax refunds. He gave the instruction during a meeting with the office-bearers and members of All Pakistan Textile Mills Association (APTMA). Adviser […]

by Mrs. Anjum Shahnawaz

FBR criticized for delaying sales tax refunds under FASTER module

Oct 25

Trade & Industry

FBR criticized for delaying sales tax refunds under FASTER module

KARACHI: Business community has criticized Federal Board of Revenue (FBR) for delaying release of sales tax refunds under newly launched Fully Automated Sales Tax e-Refunds (FASTER) module. Suleman Chawla, President of SITE Association of Industry, while expressing deep concerns over the poor performance of the recently launched Fully Automated Sales Tax e-Refunds (FASTER) module, stated […]

by Mrs. Anjum Shahnawaz

FPCCI recommends dedicated accounts to stop fraud in sales tax refunds

Sep 24

Trade & Industry

FPCCI recommends dedicated accounts to stop fraud in sales tax refunds

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has recommended dedicated accounts for prevent fraud in sales tax refunds. Engr. Daroo Khan Achakzai, President, FPCCI while commenting on SRO 981(I)/2019 of dated August 07, 2019 with special reference to Chapter V-A said that there is need of dedicated Head of Accounts sector-wise for […]

by Mrs. Anjum Shahnawaz

FBR clears Rs15.6 billion sales tax refunds in 8,415 RPOs: Dr. Hafeez Shaikh

Sep 11

Taxation

FBR clears Rs15.6 billion sales tax refunds in 8,415 RPOs: Dr. Hafeez Shaikh

The Federal Board of Revenue (FBR) has cleared Rs 15.6 billion in sales tax refunds against 8,415 refund payment orders (RPOs), marking a significant move to enhance business liquidity and stimulate economic activity in the country.

by Mrs. Anjum Shahnawaz

Sep 2

Taxation

FBR issues first batch of e-refund

ISLAMABAD: The first payment through Fully Automated Sales Tax e-Refund (FASTER) module, against the refund claims for the tax period July, 2019, has been made on Monday September 02, 2019, and the State Bank of Pakistan has confirmed the credit of the refund amount in the bank account of the claimant, said a press release […]

by Mrs. Anjum Shahnawaz

Govt. decides immediate release of Rs22 billion tax refunds: Dr. Hafeez Shaikh

Sep 2

Finance

Govt. decides immediate release of Rs22 billion tax refunds: Dr. Hafeez Shaikh

ISLAMABAD: The government has decided to released tax refunds amounting Rs22 billion immediately for the promotion of economic activities, Dr. Abdul Hafeez Shaikh, Advisor to Prime Minister on Finance said in a twitter message on Monday. According to him the government had taken important decision on tax refunds for the promotion of economic activities in […]

by Mrs. Anjum Shahnawaz

FPCCI demands immediate release of export refunds, duty drawbacks

Aug 20

Trade & Industry

FPCCI demands immediate release of export refunds, duty drawbacks

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has demanded the government of issuing all outstanding export refunds, rebates and duty drawbacks. In a statement issued on Tuesday, Engr. Daroo Khan Achakzai, President, FPCCI urged the Advisor to the Prime Minister on Finance & Revenue, Dr. Abdul Hafeez Shaikh to fulfil his commitments […]

by Mrs. Anjum Shahnawaz

Procedure issued to sanction sales tax refund claims of importers

Aug 8

Taxation

Procedure issued to sanction sales tax refund claims of importers

ISLAMABAD: Federal Board of Revenue (FBR) issued procedure for sanctioning refund claims on sales tax collected against imported goods. The FBR issued SRO 918(I)/2019 on Thursday to amend Sales Tax Rules, 2006. A new rule 34A is inserted related to sanction of refund claims of import-related sales tax by the collectorates of customs. The FBR […]

by Mrs. Anjum Shahnawaz