Islamabad: The FBR (Federal Board of Revenue) has cleared PKR 22 billion worth of the sales tax refunds that were related to both the non-exporters and exporters, against 8415 RPOs (Refund Payment Orders) through bonds and tax liabilities adjustments for the duration of May 30, 2018 to September 6, 2019.
The Federal Board of Revenue has also cleared the sales tax refunds and has also directed the field formation to reconcile the stalled tax refund claims that include sales as well as income taxes. As per the official sources, the IMF has also conveyed its intention to the taxation authority to ascertain the exact amount stuck up in the income tax as well as sales tax claimant cases.
A few days back, Dr. Abdul Hafeez Shaikh; Advisor to the Prime Minister on Finance, Revenue and Economic Affairs has announced the government’s decision to release an amount worth PKR 22 billion verified refunds of the sales taxes for all the year.
The Advisor to the Prime Minister on Finance, Revenue and Economic Affairs tweeted that the FBR has cleared the amount of PKR 15.6 billion in the sales tax refunds to improve the business liquidity and economic activity in the country. Similarly, PKR 5.4 billion refunds have also been cleared as adjustments and the bonds.
By the end of last month, FBR has also revealed that the recently installed FASTER (Fully Automated Sales Tax e-Refund) system that will be providing sales tax refunds to the exporters within 72 hours of their submission refund claims.
In the response, the officials confirmed that the figures i.e. PKR 5.4 billion has also been cleared in the bonds and PKR 1 billion is also adjusted and the sum of all the amount reaches to PKR 22 billion.