ISLAMABAD: The federal government has decided to announce the export package. The package will be announced within next four to five days. reliable sources told Customs Today on Friday.
Federal Minister for Finance and Revenue Miftah Ismail has directed the high ups of the finance ministry and Federal Board of Revenue to disburse the outstanding refund of Rs.100 billion among the exporters before ending the current month of May.
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It is pertinent to mention here that Dr. Miftah Ismail was recently assured business leaders that before the government’s tenure ends, it will disburse up to Rs.100 billion under sales tax refund claims.
According to the sources Federal Board of Revenue has prepared refund cheques FBR is going to disburse sales tax refunds against those cases that have been verified up to March. The total outstanding refunds, including sales tax, income tax and duty drawback, were estimated at over Rs.200 billion.
It is important to mention here that delay in release of multi-billion rupees funds caused serious fund shortages for the exporters and manufacturers that might lead to closure of several industrial units.
The government previously also planned to issue a financial instrument to settle the tax refund issue. But it failed to materialize its plan issue negotiable instruments. The refund payment orders (RPO) had been issued around a year back in various cases. Business community has appreciated the initiative of the finance minister.
