FBR sanctions Rs 56b refund claims via Faster system

ISLAMABAD: The Federal Board of Revenue (FBR) has released the information about refund claims sanctioned through FASTER (Fully Automated Sales Tax e-Refund) system developed for quick processing of refunds for exporters, said a press release issued on Thursday.  

Since July 2019, refund claims amounting to Rs 59 billion have been filed and the FBR has sanctioned Rs 56 billion, which comes to around 95 percent of the claimed amount. During March, the FBR has sanctioned refunds of Rs 25 billion approximately to exporters.

The FASTER is a fully automated system which uses a risk management system for processing sales tax refunds without human interference. The FASTER is operational for the tax periods July and onwards.

- Advertisement -
- Advertisement -

Must Read

Suzuki announces plant closure and price reduction

LAHORE: Pak-Suzuki Motor Company (PSMC) has announced both a temporary shutdown of its car plant and a downward revision of its prices across its...