ISLAMABAD: The Federal Board of Revenue has asked the State Bank of Pakistan to release Rs8,741 million worth sales tax refunds to export-oriented sectors, it was learnt on Saturday.
“The payment will benefit 739 claimants from five export-oriented zero-rated sectors including textiles, carpets, leather, sports goods and surgical instruments,” according to the FBR. “The refund has been paid against 4,117 refund payment orders issued up to November 8, 2018.”
It was learnt that the refund payments shall be transmitted electronically to the respective bank accounts of claimants by the State Bank of Pakistan by the close of banking hours on tomorrow (Monday).
“The payments have been made to all those claimants of the aforesaid categories who had provided their bank account details in IBAN format. Those refund claimants who have not provided the account number in IBAN format are requested to provide the same through their user ID on the FBR’s web portal,” according to the FBR statement.
Further, the FBR stated that it is conscious of the problems being faced by the businesses on account of outstanding refunds and is working on a plan to pay the remaining outstanding refund claims at the earliest.