ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday released sales tax refunds worth Rs12.5 billion against Refund Payment Orders (RPOs) issued by August 31.
In this regard the FBR asked State Bank of Pakistan (SBP) for payment of Rs12.5 billion refunds against 3,261 RPOs issued up to August 31, 2017, through direct electronic credit to the claimants account. The amount shall be so credited within 24 hours.
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In a meeting with FBR management held in the Finance Division on 26th October, the Minister for Finance and Revenue Senator Mohammad Ishaq Dar had issued directives for payment of sales tax refunds by 31st October, 2017, against RPOs issued up to 31st August, 2017. The directives were aimed at facilitating the business and resolving the liquidity problem faced by refund claimants particularly exporters.
It is added that the government has been able to contain the problem of refund pendency despite the increase in taxpayer population and increase in tax payments. FBR has been trying to facilitate the businessmen so that they are encouraged to pay their taxes. These refunds are being paid to all segments and sectors of registered persons including exporters, textile, etc.
With the aforesaid payment, FBR has paid sales tax refunds amounting to Rs. 40 billion during the first four months of the current financial year, which is unprecedented. This step will substantially reduce the pendency of sales tax refunds.
