Dar to unveil electronic transfer system today for RPO funds transfer to exporters

Islamabad: In an event to be held today at the Federal Board of Revenue, the Finance Minister Ishaq Dar will unveil an electronic transfer system for sending Rs25-30m worth of tax refunds into bank accounts of exporters.

These tax refunds are linked to the refund payment orders (RPOs) which were authorized till 30^th of June, 2017 said Muhammad Iqbal a FBR spokesman.

It is expected that all those stuck-up refunds will be released after the launch of this electronic transfer system said, Iqbal. The launch of this electronic transfer system on a press of a button will help to streamline its operations in the contest of RPOs.

Iqbal commented that the refunds for exporters are expected to be cleared as earlier claimed by the latter that more than Rs200b were stuck up in tax refunds, which was contributing to their liquidity issues.

FBR has already disbursed sales tax refunds worth Rs2-4b in July.