Home ECONOMY FBR to release another Rs3bn in sales tax refunds 

FBR to release another Rs3bn in sales tax refunds 

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FBR to release another Rs3bn in sales tax refunds 

ISLAMABAD: As the government has launched an automated system for the release of sales tax refunds to exporters, the Federal Board of Revenue (FBR) has decided to release another Rs2 to Rs3 billion worth refunds within the next couple of days.

The board has already released Rs32 billion worth refunds in the last one week.

According to details, Adviser to Prime Minister on Finance & Revenue Dr Abdul Hafeez Shaikh informed a group of leading businessmen on Wednesday that the automation system for the release of sales tax refunds was in place to ensure timely disbursement of exporters’ money.

The businessmen were representing various export sectors contributing nearly $2 billion exports.

FBR Chairman Syed Shabbar Zaidi and Finance Secretary Naveed Kamran Baloch were also present during the meeting. The business delegation was represented by prominent exporters from Lahore and Karachi, including Shahid Soorty, Musaadiq Zulqarnain, Fawad Anwer, Shahid Abdullah, Bashir Ali Mohammad, Rizwan Dewan, Asif Tata, Ahmed Ibrahim, Sameer Chinoy and  Khurram Mukhtar.

During the meeting, the FBR was advised to work more aggressively on reforming and simplifying the processes for early and prompt payment of sales tax refunds.

Dr Hafeez Shaikh told the businessmen he had already constituted a committee comprising FBR officials and APTMA members to simplify the Form-H for sales tax refunds in the next few days. The adviser asked the businessmen to nominate anyone they liked to become part of the committee as he wanted to ensure a hassle-free submission of tax refund claims and their subsequent payment without any delay.

The businessmen thanked the adviser and the FBR team for ensuring the payment of Rs32 billion worth of refunds to exporters in the last couple of days. The adviser told the businessmen that FBR was working very hard to facilitate the exporters, adding that another Rs2 to Rs3 billion tax refunds would also be issued within the next couple of days.

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