Sales tax refunds worth Rs15.6bn released: Hafeez Shaikh

Adviser to Prime Minister on Finance Abdul Hafeez Shaikh said on Wednesday that the Federal Board of Revenue has cleared Rs15.6 billion in sales tax refunds.

Taking to the micro-blogging website Twitter, Hafeez Shaikh said that the amount was released against 8,415 refund payment orders (RPOs) to enhance the liquidity of businesses in the country.

He said, “This is on top of Rs5.4 billion refunds cleared as bonds and adjustments.”

Earlier on August 29, in an unprecedented move, the FBR had introduced a new Fully Automated Sales Tax e-Refund (FASTER) system to facilitate the exporters.

According to FBR chief sales tax officer Hameed Memon, sales tax refund payments, under the new system, would be credited into the claimants’ bank accounts withing 72 hours.

He had maintained that as soon as a refund payment order was issued, it would be forwarded to the State Bank of Pakistan for payment to the claimant.

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