Govt to issue sales tax refund bonds to claimants

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In order to facilitate business community and exports, Adviser to Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh on Friday directed to issue sales tax refund bonds to the claimants through Central Depository Company (CDC), a private media outlet reported.

Speaking at a ceremony held at the Ministry of Finance in Islamabad, Hafeez Shaikh said that the bonds amounting to Rs7 billion were being issued in the first tranche and this issuance shall benefit 90 claimants.

He said that the Federal Board of Revenue(FBR) was planning another issuance next month.

The advisor asked the claimants to exercise their option for issuance of bonds and provide their CDC accounts to FBR so that they could be accommodated in the next issuance.

The government decided to issue sales tax refund bonds to the claimants so as to resolve the problems of long outstanding refunds.

Earlier on March 4, the Federal Board of Revenue (FBR) had advised the State Bank of Pakistan (SBP) to make the payment of sales tax refunds amounting to Rs7,236 million to facilitate the exports.

The payment would benefit 898 claimants involved in exports of textile, carpets, leather, sports goods, surgical instruments, rice, food items, machinery and other items, according to an FBR statement.

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